Annual Financial Statements and Management Report of Deutsche Bank AG 2015 of Deutsche Bank AG 2015 Managementand Report Statements Financial Annual

Deutsche Bank Annual Financial Statements and Management Report of Deutsche Bank AG 2015 of Deutsche Bank AG 2015 Managementand Report Statements Financial Annual

Content 1 – Management Report Operating and Financial Review – 3 Outlook – 14 Risks and Opportunities – 21 Risk Report – 24 Compensation Report – 51 Internal Control over Financial Reporting – 92 Non-financial Key Performance Indicators – 96 Information pursuant to Section 289 (4) of the German Commercial Code and Explanatory Report – 100

2 – Annual Financial Statements

Balance Sheet as of December 31, 2015 – 106 Income Statement for the period from January 1 to December 31, 2015 – 108 Notes to the Accounts – 109

3 – Confirmations

Responsibility Statement by the Management Board – 172 Auditor’s Report – 173 1 Management Report

Operating and Financial Review – 3 Risk Management Tools – 32 Our Organization – 3 Types of Risk – 33 Economic Environment – 5 Risk Profile – 39 Executive Summary – 5 Credit Risk – 40 Income Statement – 8 Market Risk – 42 Balance Sheet – 11 Leverage Ratio – 43 Events after the Reporting Period – 13 Liquidity Risk – 45 Outlook – 14 Capital Requirements and Adequacy – 46 Risks and Opportunities – 21 Compensation Report – 51 Risk Report – 24 Internal Control over Financial Reporting – 92 Risk Management Principles – 24 Risk Management Framework – 25 Non-financial Key Performance The Risks of Deutsche Bank AG Indicators – 96 within the Group Network – 25 Information pursuant to Section 289 (4) Risk Management Organization – 26 of the German Commercial Code and Risk Strategy and Appetite – 30 Explanatory Report – 100 3 Deutsche Bank Operating and Financial Review – 3 Non-Financial Key Performance Annual Financial Statements Outlook – 14 Indicators – 96 and Management Report Risk and Opportunities – 21 Information pursuant to Section – 289 (4) of Deutsche Bank AG 2015 Risk Report – 24 of the German Commercial Code and Compensation Report – 51 Explanatory Report – 100 Internal Control over Financial Reporting – 92

Operating and Financial Review

Our Organization

Deutsche Bank Group

Deutsche Bank: Our Organization

Headquartered in Frankfurt am Main, Germany, we are the largest bank in Germany and one of the largest financial institutions in Europe and the world, as measured by total assets of € 1,629 billion as of December 31, 2015. As of that date, we employed 101,104 people on a full-time equivalent basis and operated in 70 countries out of 2,790 branches worldwide, of which 65 % were in Germany. We offer a wide variety of investment, financial and related products and services to private individuals, corporate entities and institutional clients around the world.

As of December 31, 2015 we were organized into the following five corporate divisions:

‒ Corporate Banking & Securities (CB&S) ‒ Private & Business Clients (PBC) ‒ Global Transaction Banking (GTB) ‒ Deutsche Asset & Wealth Management (Deutsche AWM) ‒ Non-Core Operations Unit (NCOU)

The five corporate divisions are supported by infrastructure functions. In addition, we have a regional management function that covers regional responsibilities worldwide. From 2016 onwards and in accordance with our Strategy 2020 our business operations are going to be organized under a new structure with the segments Global Markets (GM), Corporate & Investment Banking (CIB), Private, Wealth and Commercial Clients (PW&CC), Postbank, Deutsche Asset Management (AM) and Non-Core Operations Unit (NCOU).

We have operations or dealings with existing or potential customers in most countries in the world. These operations and dealings include:

‒ subsidiaries and branches in many countries; ‒ representative offices in many other countries; and ‒ one or more representatives assigned to serve customers in a large number of additional countries.

Until the recently announced reorganisation in October 2015, CB&S comprised the Global Markets and Corporate Finance businesses. These businesses offer financial products worldwide including the underwriting of stocks and bonds, trading services for investors and the tailoring of solutions for companies’ financial requirements. The Global Markets business combines the sales, trading and structuring of a wide range of financial markets’ products, including bonds, equities and equity-linked products, exchange-traded and over-the-counter derivatives, foreign exchange, money market instruments, and securitized products. Coverage of institutional clients is provided by the Institutional Client Group, while Research provides analysis of markets, products and trading strategies for clients. Corporate Fi- nance offers mergers and acquisitions (M&A) services as well as debt and equity advisory and origination. Regional, industry-focused teams are responsible for the delivery of the entire range of financial products and services to the Bank’s corporate clients.

The CB&S businesses are supported by the Credit Portfolio Strategies Group (CPSG), which has responsibility for a range of loan portfolios and centralized the hedging of certain uncollateralized counterparty derivative exposure, actively managing the risk of these through the implementation of a structured hedging regime. Deutsche Bank 1 – Management Report 4 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

GTB delivers commercial banking products and services to corporate clients and financial institutions, including domestic and cross-border payments, financing for international trade, lending, as well as the provision of trust, agency, de- positary, custody and related services. Our business divisions consist of:

‒ Trade Finance and Cash Management Corporates ‒ Institutional Cash and Securities Services

Deutsche AWM is one of the world’s leading investment organizations. Deutsche AWM helps individuals and institutions worldwide to protect and grow their wealth, offering traditional active, passive and alternative investments across all major asset classes. Deutsche AWM also provides customized wealth management solutions and private banking services to high-net-worth and ultra-high-net-worth individuals and family offices. Deutsche AWM’s investment capabilities span both active and passive strategies and a diverse array of asset classes including equities, fixed income, real estate, infrastructure, private equity and hedge funds. The division also offers customized wealth management solutions and private banking services, including lending and discretionary portfolio management.

PBC serves retail and affluent clients as well as small and medium sized business customers. The PBC Corporate Division follows the “Powerhouse” business model comprising three businesses under one strategic steering, supported by a joint services and IT platform in the Deutsche Bank Group:

‒ Private & Commercial Banking comprises all of PBC’s activities in Germany under Deutsche Bank brand. ‒ Advisory Banking International, which covers PBC’s activities in Europe (outside Germany) and Asia. ‒ Postbank, which comprises among others Postbank, norisbank, BHW and DB Bauspar.

PBC offers a similar range of banking products and services throughout Europe and Asia, with some variations among countries that are driven by local market, regulatory and customer requirements. We offer Investment and Insurances, Mortgages, Business Products, Consumer Finance, Payments, Cards & Accounts, Deposits, mid-cap related products provided by other divisions as part of our mid-cap joint venture.

In the second half of 2012, Non-Core Operations Unit (NCOU) was established as the fifth pillar of Deutsche Bank’s business structure. Its aim was to help the Bank reduce risks associated with capital-intensive assets that are not core to the strategy, thereby reducing capital demand. As set out in our previous Strategy announcements, our objectives in setting up the NCOU were to improve external transparency of our non-core positions; to increase management focus on the core operating businesses by separating the non-core activities; and to facilitate targeted accelerated de-risking.

Pursuant to our recent Strategy 2020 announcements, NCOU’s aim is to reduce leverage and risk-weighted assets with an ambition to materially unwind the remaining positions by December 2016, such that residual risk-weighted assets at that time will be less than € 10 billion in aggregate on group level. In carrying out this mandate, the NCOU will look to exit the remaining positions having less favorable capital and risk return profiles, thereby enabling the Bank to strengthen its fully loaded Common Equity Tier 1 ratio. 5 Deutsche Bank Operating and Financial Review – 3 Non-Financial Key Performance Annual Financial Statements Outlook – 14 Indicators – 96 and Management Report Risk and Opportunities – 21 Information pursuant to Section – 289 (4) of Deutsche Bank AG 2015 Risk Report – 24 of the German Commercial Code and Compensation Report – 51 Explanatory Report – 100 Internal Control over Financial Reporting – 92

Economic Environment

Executive Summary

The Global Economy

Economic growth (in %) 2015 2014 Main driver Global Economy1 3.1 3.4 Global economic growth faltered during 2015 due to the slowdown in Thereof: emerging markets, whose growth was dampened mainly by structural Industrialized countries1 1.8 1.7 weaknesses and the weak oil price. The industrialized countries, by contrast Thereof: Emerging markets1 4.1 4.7 benefited on balance from the low oil price and expansionary monetary policy, with the result that their growth rates picked up slightly. High debt levels and generally weak global trade weighed on growth, however. Eurozone Economy 1.5 0.9 Support from low oil prices and extremely expansionary monetary policy Thereof: German economy 1.7 1.6 Strong growth in consumption, but external headwinds held back investment growth U.S. Economy 2.4 2.4 Strong U.S.$ is negative for export-oriented sectors, negative inventory cycle, solid performance by domestic economy Japanese Economy 0.5 (0.1) Stockbuilding and net exports boosted growth Asian Economy1 6.2 6.4 Weak demand from China and the industrialized countries Thereof: Chinese Economy 6.9 7.3 Slowdown in the growth of exports and investment was partly offset by higher consumption Source: National authorities 1 2015 data is sourced from Deutsche Bank Research forecasts

The Banking Industry In the eurozone, 2015 brought a moderate rise in lending to the private sector for the first time since 2011 (+1.1 %). Lending to households was up by 2 % as compared to 2014, while lending to businesses remained stable. On the liability side, despite the prevailing low interest-rate environment, the volume of deposits from households and firms rose by 3.3 %, a similar increase to that in each of the previous two years. After a sharp rise in the first quarter, total assets of eurozone banks declined slightly and were down by 1.3 % on the year. Provisions for credit losses at Euro- pean banks probably continued to decline, which may have led to a further normalization in the earnings situation. In Germany, household and corporate lending continued to expand in 2015 with growth again exceeding the eurozone average. This was partly due to an increase in consumer loans by 1.9 %.

In the U.S., the credit expansion continued, driven in particular by corporate lending and commercial mortgages, which maintained their double-digit growth rates. In the retail segment, residential mortgages grew by 2.5 %. Growth in private-sector deposits slowed somewhat compared with 2014 but, at 4.9 %, remained high.

Japan saw a moderate decline in lending growth to 2.3 %. In China, the low double-digit growth in private sector lending remained unchanged despite the slight cooling-off of the Chinese economy.

Deutsche Bank Performance

Deutsche Bank AG is the parent company of Deutsche Bank Group and is its most material component. The management of Deutsche Bank Group is based on IFRS and Group divisions rather than individual group companies. Deutsche Bank AG is fully integrated in the initiatives and target setting of Deutsche Bank Group. The performance of the Group is ultimately driving the performance of Deutsche Bank AG. As the bank has utilized the option under Sec- tion 2a of the German Banking Act (KWG) with respect to the regulatory capital, and therefore regulatory capital ratios are only applicable on Group level. We therefore discuss the overall performance based on group financial data.

2015 was a difficult year for Deutsche Bank burdened by specific items such as goodwill and other intangible asset impairments, litigation, restructuring and severance charges totalling € 12.5 billion post-tax. However, revenues were Deutsche Bank 1 – Management Report 6 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

up versus 2014 and we made considerable progress on the implementation of our Strategy 2020, which intends to make Deutsche Bank less complex & more efficient, less risky, better capitalized and better run with more disciplined execution.

Our Group Key Performance Indicators are as follows:

Group Key Performance Indicators Status end of 2015 Status end of 2014 Net revenues € 33.5 bn € 31.9 bn Income (loss) before income taxes € (6.1) bn € 3.1 bn Net income (loss) € (6.8) bn € 1.7 bn Post-tax return on average tangible shareholders’ equity1 (12.3 %) 3.5 % Post-tax return on average active equity1 (9.9 %) 2.7 % Adjusted Costs2 € 26.5 bn € 25.0 bn Cost/income ratio3 115.3 % 86.7 % Cost savings4 € 4.5 bn € 3.3 bn Costs to achieve savings5 € 3.6 bn € 2.9 bn Risk-weighted assets € 396.7 bn € 394.0 bn CRR/CRD 4 fully loaded Common Equity Tier 1 ratio6 11.1 % 11.7 % Fully loaded CRR/CRD 4 leverage ratio7 3.5 % 3.5 % Note: Comparison of the KPIs with prior year plan/forecast not meaningful, as in 2015 a new strategy was formulated. 1 Based on Net Income attributable to Deutsche Bank shareholders. Calculation is based on an effective tax rate of (11) % for the year ended December 31, 2015 and 46 % for the year ended December 31, 2014. For further information, please refer to “Supplementary Information: Non-GAAP Financial Measures” of the report. 2 Total noninterest expenses excluding restructuring and severance, litigation, impairment of goodwill and other intangible assets, policyholder benefits and claims. For further information, please refer to “Supplementary Information: Non-GAAP Financial Measures” of the report. 3 Total noninterest expenses as a percentage of total net interest income before provision for credit losses plus noninterest income. 4 Cost savings resulting from the implementation of the OpEx program. 5 Costs-to-achieve (CtA) savings are costs which are directly required for the realisation of savings in the OpEx program. 6 The CRR/CRD 4 fully loaded Common Equity Tier 1 ratio represents our calculation of our Common Equity Tier 1 ratio without taking into account the transitional provisions of CRR/CRD 4. Further detail on the calculation of this ratio is provided in the Risk Report. 7 Further detail on the calculation of this ratio is provided in the Risk Report.

Net revenues in 2015 were € 33.5 billion, up by € 1.6 billion from 2014. Despite challenging market conditions all business segments except PBC reported increased net revenue in 2015 partly driven by positive foreign exchange move- ment. PBC reported a revenue decrease mainly due to valuation and transaction related effects relating to PBC’s stake in Hua Xia Bank.

Non-interest expenses in 2015 were € 38.7 billion, an increase of 40 % from 2014, mainly driven by impairments of goodwill and other intangibles, a significant increase in litigation costs as well as restructuring and severance charges. Compensation and benefits were higher compared to 2014 primarily driven by foreign exchange rate effects.

The loss before income taxes of € (6.1) billion in 2015, versus income before income taxes of € 3.1 billion in 2014, is mainly driven by impairments booked in the third quarter 2015 as well as the higher litigation and restructuring and severance charges. The particularly high specific effects of € 6.5 billion of impairments and € 5.2 billion of litigation charges, both largely non-tax deductible, and an additional restructuring and severance charge of € 1 billion, added to a net loss of € (6.8) billion.

Cumulative OpEx program savings of € 4.5 billion fully met the externally communicated target for 2015. Cumulative Costs to achieve of € 3.6 billion were € 0.4 billion less than planned.

Our CRR/CRD 4 fully loaded Common Equity Tier 1 ratio was 11.1 % at the end of 2015 down from 11.7 % at the end of 2014, resulted from the net loss driven by higher litigation and restructuring and severance costs. Our respective CRR/CRD 4 phase-in Common Equity Tier 1 ratio was 13.2 % at the end of 2015 down from 15.2 % at the end of 2014.

As per the new Supervisory Review and Evaluation Process (SREP) requirements, the European Central Bank notified us that we need to maintain a CET 1 ratio of at least 10.25 % on a phase-in basis, which increases to 10.75 % in 2016 including the first stage of the phase-in in Deutsche Bank’s Global Systemically Important Banks (G-SIBs) buffers over the next four years. We currently have material buffers over the required minimum on a phased-in basis. This means that the bank’s minimum CET 1 capital requirement will be 12.25 % by January 2019 once all buffers are phased in. This compares to our fully-loaded target of greater than 12.5 % by 2018. 7 Deutsche Bank Operating and Financial Review – 3 Non-Financial Key Performance Annual Financial Statements Outlook – 14 Indicators – 96 and Management Report Risk and Opportunities – 21 Information pursuant to Section – 289 (4) of Deutsche Bank AG 2015 Risk Report – 24 of the German Commercial Code and Compensation Report – 51 Explanatory Report – 100 Internal Control over Financial Reporting – 92

Executive Summary for Deutsche Bank AG

Deutsche Bank AG recorded in 2015 a net income of € 30 million after a prior year net income of € 1.3 billion. The decrease by € 1.2 billion was driven by non-operating expenses, up by € 2.5 bn and an increase in tax expenses by € 196 million. This was partly compensated by a net € 900 million improvement from the net result of transfers to the fund for general banking risks. The operating profit increased by € 540 million.

The increase in the operating profit by € 540 million was mainly driven by an increase in revenues by € 3.7 billion and lower risk provisioning, down by € 194 million, partly offset by higher administrative expenses, up by € 2.1 billion and higher negative net other operating expenses, up by € 1.3 billion.

The increase in revenues, comprising net interest income, net commission income and net trading results by € 3.7 billion to € 22.2 billion, was mainly driven by an increase in net interest income of € 3.5 billion. This development was due to a strong increase in current income (including income from affiliated companies), up by € 2.9 billion, while interest income from lending, money market transaction and bonds and notes after corresponding interest expenses went up by € 593 million. Net commission income went up by € 301 million. The operating net trading result went down by € 402 million, largely offset by a release of the trading-related special reserve according to Section 340e (4) HGB by € 350 million.

Total administrative expenses went up by € 2.1 billion to € 15.3 billion. This development was mainly due to an increase in staff expenses by € 806 million, and € 718 million increase in costs for services rendered between group companies. The latter was partly offset by an increase in commission income from services rendered to group companies. The remaining growth in administrative expenses by € 589 million was mainly caused by bank levies, up by € 294 million, and an increase in expenses for IT equipment by € 131 million.

The balance of other operating income/expenses went from negative € 2.3 billion to negative € 3.6 billion. Higher litigation-related charges, up by € 2.8 billion were partly offset by the non-reoccurrence of a loss on sale of € 1.3 billion of the Cosmopolitan Resort to a group company in the prior year. This loss on sale was mostly compensated by a dividend income in the same amount shown under current income from affiliated companies in the prior year.

Total cost of risk provisioning, consisting of credit related risk provisions and the net result from securities held in the liquidity reserve, went down by € 194 million to € 506 million in 2015, almost completely driven by lower net credit risk provisioning.

The net non-operating expenses before taxes increased by € 2.5 billion to negative € 2.6 million in 2015. The main drivers for the increase of the negative balance were higher net impairments of subsidiaries amounting to € 1.6 billion (2014: net impairments of € 57 million) and expenses from assumption of losses of € 680 million (2014: € 130 million). Current year losses which had to be assumed were mainly driven by net impairments of affiliated companies incurred in a subsidiary.

Releases from the fund for general banking risks amounted to € 650 million (2014: addition by € 250 million).

Total tax expense amounted to € 872 million in 2015 (2014: € 676 million).

Total assets went down by € 85 billion to € 1,43 billion as of December 31, 2015, mainly due to decreases of positive and negative market values of derivatives in the trading book.

The bank maintained its stable funding and high liquidity base and maintained a solid regulatory capital position by reducing risk-weighted assets. For further details please refer to the sections liquidity risk and capital adequacy in the risk report.

In 2015, shareholders’ equity (excluding distributable profit) increased slightly by € 16 million to € 45.6 billion, due to effects net positive effects from buying and selling of own shares. Deutsche Bank 1 – Management Report 8 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

The Management Board and the Supervisory Board will propose to the Annual General Meeting to pay a nil dividend and carry forward the full distributable profit.

Income Statement

Strong increase of net interest income

Net interest income increased significantly by € 3.5 billion to € 12.3 billion, caused by an increase in current income (including income from affiliated companies), up by € 2.9 billion, and higher net interest results from lending and securities less funding cost, up by € 593 million. The increase in current income was caused by higher income from shares in affiliated companies and participating interests, including profit transfer agreements, up by € 2.2 billion in total, and by income from equity shares, up by € 623 million. The increase in income from affiliated companies was partly driven by the realisation of silent reserves. In addition, the bank recorded higher income from bonds and notes, up by € 290 million, partly offset by lower interest income from lending and money market transactions, (€ 153 million). In combination with lower interest expenses, down by € 457 million, this lead to the aforementioned net effect of € 593 million.

Increase in net commission income

Net commission income of € 7.5 billion went up by € 301 million compared to the previous year. This development was to a large extent driven by higher income from services rendered to group companies, which increased by € 384 million. In addition, the bank recorded lower commission income from foreign exchange transactions, down by € 128 million, and lower fees in the securities business, down by € 74 million. Partly offsetting, fees in the loan business increased by € 87 million and fees for asset management went up by € 46 million.

Lower net trading result

Deutsche Bank AG reported € 2.4 billion net trading result in 2015, down by € 52 million compared to prior year. This decrease was driven by two factors. The operating net trading result went down by € 402 million, which was partly offset by the release of the trading-related special reserve according to Section 340e (4) HGB of € 350 million. The release reflects the reduction of the average net trading profits in the last years.

Increase in staff expenses and operating costs

Staff expenses increased by € 806 million to € 5.8 billion. This was mainly due to an increase by € 553 million in salaries including variable payments and social security contributions, partly driven by FX-effects. In addition, expenses for retirement benefits were up by € 269 million, driven by lower returns on plan assets.

The table below gives a geographical breakdown of our staff (full-time-equivalent).

Staff (full-time equivalents)1 Dec 31, 2015 Dec 31, 2014 Change Germany 11,824 10,815 +1,009 Europe excl. Germany 9,276 8,905 +371 Americas 2,124 1,796 +328 Africa/Asia/Australia 6,211 5,928 +283 Total 29,435 27,444 +1,991 1 Staff (full-time equivalent) = total headcount adjusted proportionately for part time staff, excluding apprentices and interns.

The increase in headcount in Germany is mainly reflecting the strengthening of our control functions (Compliance /Risk /Audit) and the result of merger with an affiliated company. The increase in headcount in other regions is primarily due to strengthening of our infrastructure functions. 9 Deutsche Bank Operating and Financial Review – 3 Non-Financial Key Performance Annual Financial Statements Outlook – 14 Indicators – 96 and Management Report Risk and Opportunities – 21 Information pursuant to Section – 289 (4) of Deutsche Bank AG 2015 Risk Report – 24 of the German Commercial Code and Compensation Report – 51 Explanatory Report – 100 Internal Control over Financial Reporting – 92

Other administrative expenses (excluding depreciation and amortisation on tangible and intangible assets) increased by € 1.2 billion to € 8.7 billion. Main contributors to the increase included higher bank levy charges (€ 294 million), increased expenses for IT equipment (€ 131 million), costs for temporary personnel (€ 72 million) and consulting costs (€ 49 million). In addition, expenses from intercompany charges went up by € 718 million. This item is partly compensated by higher fees from services rendered to group companies, shown under net commission.

Scheduled depreciation and amortization of tangible and intangible assets amounted to € 675 million in 2015 (2014: € 547 million).

Increase in the negative net balance of operating income/expenses

The balance of other operating income/expenses went from negative € 2.3 billion to negative € 3.7 billion. Higher litigation-related charges, up by € 2.8 billion and higher net interest expenses from unwinding discount for staff related provisions, up by € 457 million were partly offset by the non-recurrence of a loss on sale of € 1.3 billion of an intragroup sale and imprved results from non-trading derivatives and hedge relationships of € 615 million.

Lower net risk provisioning

In 2015, total of risk provisioning, consisting of changes in credit related risk provisioning and the net result from securities held in the liquidity reserve, went down by € 194 million to € 506 million. This development was mainly attributable to lower net risk provisioning in the loan business, down by € 201 million, and higher net positive results from securities held in the liquidity reserve, up by € 7 million. The lower risk provisioning was mainly caused by lower specific allow- ances on non-German clients.

Increase in the negative net balance of other ordinary income/expenses

The balance of other ordinary income and expenses totalled € (2.6) billion (2015: € (95) million). This increase in expenses was mainly driven by the following items. Expenses for value adjustments of investments in affiliated companies, after considering reversals of prior period impairments in accordance with Section 340c (2) HGB), increased by € 1.5 billion to a net expense of € 1.6 billion. Expenses from assumption of losses of € 680 million (2014: € 130 million) were also caused by value adjustments of investments in affiliated companies incurred by a subsidiary in the current year. Write-downs and non-scheduled depreciation of tangible and intangible assets amounted to € 116 million in 2015 (2014: € 97 million).

Extraordinary income and expenses

Extraordinary income and expenses net to an extraordinary result of negative € 133 million (2014: income of € 190 million). This change was mainly caused by merger gain of € 298 million in prior year.

Partial release from the fund for general banking risks

The partial release from the fund for general banking risks according to Section 340g HGB amounted to € 650 million (2014: addition by € 250 million). The release was used to partly offset impairments of subsidiaries and litigation charges in order to maintain a net profit.

Taxes

In 2015, a tax expense of € 872 million was recorded compared to a tax expense of € 676 million in the prior year. The current year’s effective tax rate was primarily driven by expenses that are not deductible for tax purpose and tax ex- empt income. Deutsche Bank 1 – Management Report 10 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

Net profit

Deutsche Bank AG recorded in 2015 a net profit of € 30 million after a prior year net income of € 1,263 million. In- creased charges from litigation, value adjustments of investments in affiliated companies and expenses from assumption of losses totalled € 4.9 billion. These were partly offset by positive effects from higher income from affiliated companies, including profit transfer agreements, a partial release of the fund for general banking risks and a partial release from the trading-related special reserve according to Section 340e (4) HGB, in total € 3.6 billion. Outside these one-off items, the bank recorded a slightly improved pre-tax result, which lead in conjunction with the increased tax expense of € 872 million (2014: tax expense of € 676 million) to a small positive net profit for the year.

Proposed appropriation of profit

Taking into account the profit carried forward from the prior year of € 135 million, the distributable profit amounted to € 165 million as of December 31, 2015. The Bank will propose to the Annual General Meeting not to pay a dividend and to carry forward the full distributable profit.

Condensed income statement of Deutsche Bank AG Change in € m. 2015 2014 in € m. in % Interest income1 10,363 10,227 136 1 Current income2 8,711 5,811 2,900 50 Total interest income 19,074 16,038 3,036 19 Interest expenses 6,807 7,264 (457) (6) Net interest income 12,267 8,774 3,493 40 Commission income 9,065 8,731 335 4 Commission expenses 1,531 1,497 33 2 Net commission income 7,535 7,233 301 4 Net trading result 2,404 2,456 (52) (2) thereof release of trading-related special reserve according to Section 340e HGB 350 0 350 N/M Wages and salaries 4,988 4,502 486 11 Compulsory social security contributions3 784 465 319 69 Staff expenses 5,772 4,967 806 16 Other administrative expenses4 9,538 8,230 1,307 16 Administrative expenses 15,310 13,197 2,113 16 Balance of other operating income/expenses (3,565) (2,283) (1,282) 56 Risk provisioning 506 700 (194) (28) Operating profit 2,824 2,284 540 24 Balance of other income/expenses (2,572) (95) (2,477) N/M Releases from/(Additions) to the fund for general banking risks 650 (250) 900 N/M Income before taxes 902 1,939 (1,037) (53) Taxes 872 676 196 29 Net income 30 1,263 (1,233) (98) Profit carried forward from the previous year 135 156 (21) (13) 165 1,419 (1,254) (88) Allocations to revenue reserves 0 250 (250) N/M – to other revenue reserves 0 250 (250) N/M Distributable profit 165 1,169 (1,004) (86) N/M - Not meaningful 1 From lending and money market business, fixed-income securities, government inscribed debt and leasing business. 2 From equity shares and other variable-yield securities, participating interests, investments in affiliated companies (including profit transfer agreements). 3 Including expenses for pensions and other employee benefits. 4 Including depreciation on tangible and intangible assets. 11 Deutsche Bank Operating and Financial Review – 3 Non-Financial Key Performance Annual Financial Statements Outlook – 14 Indicators – 96 and Management Report Risk and Opportunities – 21 Information pursuant to Section – 289 (4) of Deutsche Bank AG 2015 Risk Report – 24 of the German Commercial Code and Compensation Report – 51 Explanatory Report – 100 Internal Control over Financial Reporting – 92

Balance Sheet

Total assets of Deutsche Bank AG amounted to € 1,436.0 billion on December 31, 2015. The decrease by € 84.4 billion, or 5.6 %, was mainly related to changes in market values of trading derivatives, primarily related to interest rate and foreign exchange products. The decrease in market values was caused by market movements as well the focus on deleveraging programs.

Total credit extended

Total credit extended (excluding reverse repos and securities spot deals) increased by €10.0 billion, or 3.8 %, to € 276.4 billion. Credit totalling € 191.0 billion (increase of € 2.9 billion) was extended to corporate and institutional customers, while loans to private and business clients amounted to € 11.1 billion (up by € 379 million). Loans to banks, which are reported under total credit extended, were up by € 5.6 billion to € 58.0 billion.

The table below gives a break-down of the total credit extended (excluding reverse repos and securities spot deals).

Change in € bn. Dec 31, 2015 Dec 31, 2014 in € bn. in % Claims on customers 218.4 214.0 4.4 2.0 with a residual period of up to 5 years1 191.1 190.7 0.4 0.2 over 5 years 27.3 23.3 4.0 17.1 Loans to banks 58.0 52.4 5.6 10.7 with a residual period of up to 5 years1 46.7 42.3 4.4 10.4 over 5 years 11.3 10.1 1.2 12.0 Total 276.4 266.4 10.0 3.8 1 Including those repayable on demand and those with an indefinite period.

Receivables from banks (excluding loans) outside trading decreased by € 908 million to € 140.5 billion compared to prior year.

Securities

Our securities portfolio (excluding trading assets) increased overall, within bonds and other fixed-income securities up by € 13.4 billion to € 58.9 billion and equity shares and other variable-yield securities went up by € 712 million to € 1.1 billion. The increase of equity shares and other variable-yield securities is mainly due to the interest in Hua Xia Bank Co. Ltd., which was reclassified from participating interests.

Trading assets

Trading assets amounted to € 813.6 billion. Positive market values of derivatives being the largest component decreased by € 125.8 billion to € 507.5 billion. The decrease was predominantly driven by interest-rate and fx-related derivatives and resulted from market movements and the focus on deleveraging programs.

Participating interests

The shareholdings reported as participating interests decreased by € 385 million to € 433 million compared to prior year. The reduction of participating interests is mainly due to the reclassification of our interest in Hua Xia Bank Co. Ltd. As a result of the agreed sale of the interest, the intent of participation was given up and hence the stake was reclassified to securities. Deutsche Bank 1 – Management Report 12 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

Investments in affiliated companies

Investments in affiliated companies decreased by € 5.3 billion to € 43.4 billion. Additions of investments in affiliated companies amounted to € 1.7 billion compared to decreases of € 7.0 billion. The decrease was mainly attributable to capital decreases of € 5.3 billion and net impairments of investments of € 1.6 billion. This was partially offset by capital increases and a positive impact of foreign currency translation.

Deposits and securitized liabilities

Liabilities to banks decreased by € 839 million to € 261.4 billion. This development was primarily attributable to a decrease in deposits repayable on demand by € 5.6 billion partly offset by an increase in time deposits by € 4.7 billion.

Deposits from bank subsidiaries decreased by € 14.5 billion to € 115.3 billion.

Deposits from customers increased by € 13.5 billion to € 282.4 billion. The main driver of this was the increase in deposits from corporate and institutional customers, up by € 7.7 billion, from the public sector, up by € 3.5 billion and deposits from retail customers, up € 2.2 billion.

Liabilities in certificate form increased by € 2.0 billion to € 121.8 billion. Increases in bonds and notes issued, up by € 5.1 billion, were partly offset by money market certificates issued, down by € 2.1 billion.

Breakdown of the liabilities Change in € bn. Dec 31, 2015 Dec 31, 2014 in € bn. in % Liabilities to banks 261.4 262.2 (0.8) (0.3) repayable on demand 143.1 148.6 (5.6) (3.7) with agreed period or notice period 118.3 113.6 4.7 4.1 Liabilities to customers 282.4 269.0 13.5 5.0 savings deposits 4.3 5.1 (0.7) (14.8) other liabilities repayable on demand 202.3 189.0 13.3 7.0 with agreed period or notice period 75.8 74.9 0.9 1.2 Liabilities in certificate form 121.8 119.8 2.0 1.7 bonds and notes issued 102.2 97.2 5.1 5.2 other liabilities in certificate form 19.6 22.6 (3.0) (13.4) thereof: money market instruments 17.3 19.4 (2.1) (10.8)

Subordinated liabilities went down by € 2.5 billion to € 12.4 billion.

Trading liabilities

Trading liabilities amounted to € 678.1 billion, down by € 101.0 billion. Negative market values of derivatives being the largest component decreased by € 123.5 billion to € 495.3 billion compared to the prior year. This development was driven by the same reasons as the increase in positive market values.

Instruments for Additional Tier 1 Regulatory Capital

Instruments for Additional Tier 1 regulatory capital amounted to € 5.2 billion. These Additional Tier 1 Notes were issued in 2014 and no further notes were issued in 2015. 13 Deutsche Bank Operating and Financial Review – 3 Non-Financial Key Performance Annual Financial Statements Outlook – 14 Indicators – 96 and Management Report Risk and Opportunities – 21 Information pursuant to Section – 289 (4) of Deutsche Bank AG 2015 Risk Report – 24 of the German Commercial Code and Compensation Report – 51 Explanatory Report – 100 Internal Control over Financial Reporting – 92

Capital and reserves

Capital and reserves of Deutsche Bank AG (including its distributable profit of € 165 million) amounted to € 45.8 billion, down by € 988 million. The decrease is mainly due to the dividend payment in May 2015.

The Bank has utilized the option available under Section 2a of the German Banking Act (KWG) with respect to its regulatory capital and now only calculates this capital base for the Deutsche Bank Group (see page 49).

Events after the Reporting Period

On February 23, 2016 we announced the successful completion of the tender offer to repurchase up to € 3 billion of five Euro-denominated issues of senior unsecured debt securities. The resulting accepted total volume amounted to € 1.27 billion. In addition, on February 29, 2016 we announced the initial results of the tender offer to repurchase up to U.S. $ 2 billion of eight U.S. dollar-denominated issues of senior unsecured debt securities. The resulting accepted total volume amounted to U.S. $ 740 million. We expect to record a positive income in the first quarter of 2016 related to these transactions of approximately € 55 million. Deutsche Bank 1 – Management Report 14 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

Outlook

The Global Economy

In 2016, global economic growth is projected to be more or less flat at 3.0 % and thus be below trend rate for the fifth year in succession. The global inflation rate is expected to pick up to 3.7 % mostly since commodity prices are expected to have a more moderate negative impact on overall prices than compared to the prior year. We expect that growth in the industrialized countries will slow to 1.3 %, with a muted rise of 0.8 % in consumer prices. By contrast, we expect a pick-up in growth to 4.3 % in the emerging markets. There we expect inflation to be 5.7 %.

Eurozone GDP is expected to climb by 1.4 % in 2016, supported by low oil prices and a slow recovery in the labor market. The eurozone economy will also continue to be supported by the expansionary monetary policy of the Euro- pean Central Bank (ECB) which will probably make its monetary policy even more expansionary in the course of the year. Geopolitical risks, the stuttering structural reforms and the high levels of private and public debt are having a dampening effect, however. Consumer prices are projected to rise by 0.2 %. The German economy is expected to expand by 1.7 % in 2016, driven by domestic forces alone.

In the U.S., we expect an economic growth of 1.2 % in 2016. While the external environment is acting as a drag as a result of the strength of the U.S. dollar and the modest global demand as well as the oil-price-driven negative impact on the energy sector, the solid labor market development and the performance of the housing market are generating positive stimuli. Consumer prices will probably rise by 1.2 %. The Federal Reserve's monetary policy should provide further stimulus for the U.S. economy overall. We expect the Fed policy rate to stand at 0.6 % by year-end 2016.

The Japanese economy is likely to shrink by 0.3 % in 2016. Growth of domestic and external demand is expected to be negative. Monetary policy will continue to be extremely expansionary. We expect inflation to be 0.2 %. Growth in the emerging market countries is expected to rise in 2016. Economic growth in Asia (excluding Japan) is expected to remain more or less flat at 6.1 %, with inflation at 2.7 %. The Chinese economy is likely to grow by only 6.7 % in 2016, with inflation at 1.8 %, largely due to the cooling of the secondary sector and investments. Monetary policy will probably become more expansive in order to bolster the economy.

Numerous risks are currently increasing the uncertainty of our global forecast by a greater degree than usual. The global financial markets could react much more negatively to the normalisation of U.S. monetary policy than assumed. This could have a negative impact on households and corporate expenditure worldwide and result in much higher capital outflows from emerging markets. The declining oil price is exacerbating the problems in the oil-producing countries and complicating the financing of energy-related investments. Moreover, geopolitical risks could escalate, especially those arising from conflicts in the Middle East. Also, a hard landing in China could trigger global upheaval. In Europe, a flare-up in the debate on monetary policy going forward and the future of the eurozone, insufficient deleveraging in the private and public sectors, a halt in implementing structural reforms or, also, increasing support for populist parties could potentially have a substantial impact on our forecasts. The U.K. referendum, regional separatist movements and the ongoing challenging negotiations with Greece pose further risks. Moreover, the refugee crisis could further exacerbate the political discord in the European Union. 15 Deutsche Bank Operating and Financial Review – 3 Non-Financial Key Performance Annual Financial Statements Outlook – 14 Indicators – 96 and Management Report Risk and Opportunities – 21 Information pursuant to Section – 289 (4) of Deutsche Bank AG 2015 Risk Report – 24 of the German Commercial Code and Compensation Report – 51 Explanatory Report – 100 Internal Control over Financial Reporting – 92

The Banking Industry

European banks can expect a further improvement in their business prospects and profitability in the next twelve months. Lending to the private sector should see continued moderate growth, while the volume of non-performing loans is expected to decline further. Deposit business will continue to operate under a challenging interest environment in the medium term. Trends in Germany may be slightly better than in the euro area as a whole. The growth in corporate lending volumes and retail mortgages is likely to continue.

In the U.S., the sound economic outlook and low unemployment should result in increased lending to firms and households. December 2015 saw the beginning of the exit from the Federal Reserve's extremely accommodative monetary policy, which should stabilize the net interest margin of U.S. banks in the medium term and help strengthen profitability.

In Japan, lending could benefit from an upturn in the domestic economy in 2016, while in China the economic slowdown may dampen growth in lending and deposits.

From a regulatory perspective, the banking industry is facing a wide range of challenges in 2016. At the international level, the Basel Committee on Banking Supervision (“BCBS”) has adopted, and is expected to adopt new measures that will further increase capital requirements. These include a revised standardized approach for calculating risk- weighted assets. The BCBS is also expected to set higher leverage ratio requirements for global systemically important institutions, such as us. In the eurozone, the Single Resolution Mechanism (SRM), together with the Single Resolution Board (SRB) and Single Resolution Fund, became fully operational on January 1, 2016, although the Single Resolution Fund still has to be gradually built up by 2024. The SRB will also set individual minimum requirements for own funds and eligible liabilities (MREL) available for a potential bail-in affecting large banks (such as us) for which it is the competent resolution authority. Furthermore, the SRB intends to take into account in such MREL decisions the principals of the proposed minimum total loss-absorbing capacity. In addition, the ECB and the EBA will be conducting a new stress test in 2016 on approximately 100 European banks. In Germany, the Resolution Mechanism Act, which adapted Ger- man bank resolution laws to the SRM, was published in November 2015. In addition, under the new law, senior bonds will rank junior to, without constituting subordinated debt, to other senior liabilities in insolvency proceedings opened on or after January 1, 2017.

The Deutsche Bank

Deutsche Bank AG as the parent company of the Group defines the strategy and planning for the individual Group Divisions. Deutsche Bank participates in the results of the Group Divisions through own activities and profit distribution from subsidiaries. The following outlook encompasses therefore all Group Divisions and is not limited to the parent company. In addition, financial key performance indicators are solely defined on Group level.

The Deutsche Bank Group

In October 2015, the next phase of our strategy called “Strategy 2020” was introduced with four main aims: First to make Deutsche Bank simpler and more efficient; second to reduce risk; third to strengthen our capital position and fourth to execute in a more disciplined manner. From 2016 onwards, our core divisions are being restructured along the client lines that we serve - Institutions, Corporates, Fiduciaries and Private Clients. This is intended to reduce complexity and better enable us to better meet client demands.

In order to highlight the financial objectives of Strategy 2020 two sets of financial targets were announced by the Group. The first set of financial targets is expected to be completed by 2018. It primarily covers disposals, headcounts, cost savings and risk-weighted assets. The second set relates to the leverage ratio, cost savings, dividend payout ratio and CET 1 capital ratio are set to be achieved by 2020. The most important financial Key Performance Indicators (KPIs) of the Group are detailed in the table below. Deutsche Bank 1 – Management Report 16 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

Key Performance Indicators

Group Key Performance Indicators Status end of 2015 Target for 2018 Target for 2020 CRR/CRD 4 Common Equity Tier 1 capital ratio (fully loaded)1 11.1 % At least 12.5 % At least 12.5 % CRR/CRD 4 leverage ratio (fully loaded)2 3.5 % At least 4.5 % At least 5.0 % Post-tax Return on Average Tangible Equity3 (12.3) % Greater than 10.0 % Greater than 10.0 % Less than € 22 bn Less than € 22 bn Adjusted costs4 € 26.5 bn per annum per annum Cost-income ratio5 115.3 % ~ 70.0 % ~ 65.0 % Risk-weighted assets6 € 397 bn € 320 bn € 310 bn Note: Comparison of the KPIs with prior year plan/forecast not meaningful, as in 2015 a new strategy was formulated. 1 The CRR/CRD 4 fully loaded Common Equity Tier 1 ratio represents our calculation of our Common Equity Tier 1 ratio without taking into account the transitional provisions of CRR/CRD 4. Further detail on the calculation of this ratio is provided in the Risk Report. 2 Further detail on the calculation of the CRR/CRD 4 leverage ratio (fully loaded) is provided in the Risk Report. 3 Based on Net Income attributable to Deutsche Bank shareholders. Calculation is based on an effective tax rate of (11) % for year ended December 31, 2015. For further information, please refer to “Other information Non-GAAP Financial Measures” of the report. 4 Total noninterest expense excluding restructuring & severance, litigation, impairment of goodwill and other intangibles and policyholder benefits and claims. For further information please refer to “Other information Non-GAAP Financial Measures” of the report. 5 Total noninterest expenses as a percentage of total net interest income before provision for credit losses plus noninterest income. 6 Excluding expected regulatory inflation.

Within our strategic plan, we used underlying foreign exchange rates of EUR/USD at 1.07 and EUR/GBP at 0.72 in setting the financial targets for 2018 and 2020.

For 2016, we expect revenues to be impacted by the low interest rate environment and challenging trading conditions. In addition, the impact of restructuring activities across country, client and product portfolio reductions are likely to impact our revenue generation capacity however, at the same time we will be investing into growth areas of Transac- tion Banking, Asset Management, Wealth Management and Equities. We expect the majority of our restructuring costs to be incurred by end of 2016 with restructuring activities to be completed in 2017. Our total costs will continue to be burdened by litigation and restructuring charges in 2016.

Capital management remains focused on keeping the CRR/CRD 4 fully loaded Common Equity Tier 1 capital ratio (CET 1 ratio) on track to reach the Strategy 2020 target level of minimum 12.5 % by 2018. In 2016, we expect the fully loaded CET 1 ratio to remain broadly flat so that we would remain capitalized well above regulatory minimum and SREP requirements. We expect CET 1 capital to remain relatively flat as capital building is impacted by restructuring cost, litigation, and NCOU de-risking.

We stay committed to reaching a fully loaded CRR/CRD 4 Leverage Ratio of at least 4.5 % in 2018 and at least 5 % in 2020 per Strategy 2020. The tight leverage exposure management stabilized the leverage ratio at 3.5 % by the end of 2015. In 2016, we will continue our active CRD 4 exposure management. The CRR/CRD 4 Leverage Ratio is expected to remain broadly flat in 2016.

2016 will be a year of focused Strategy 2020 implementation. We expect further restructuring and severance expenses of approximately € 1.0 billion, a continued burden from litigation, continued pressure from regulatory induced costs, bank levy charges and challenging market conditions. We are committed to work towards our target of 10 % Post-tax Return on Average Tangible Equity, when Strategy 2020 is to be fully implemented. The measures planned for implementation in 2016, whilst a burden in that year, are key elements to progress towards that target. Overall we expect a partial improvement of our Post-tax Return on Average Tangible Equity in 2016.

Achieving a structurally affordable cost base is one of our top priorities. We remain committed to our Strategy 2020 target of an adjusted cost base of less than € 22 billion and a cost-income ratio of approximately 70 % by 2018. How- ever, 2016 will remain a difficult year for us as it will take some time for our restructuring program to become visible in our cost base. We intend to continue to identify cost savings and efficiencies, but at the same time we will invest in technology and regulatory compliance programs, and we will face higher costs from software amortisation. We therefore expect our adjusted costs to be broadly flat in 2016 compared to 2015. In addition, our total costs will continue to be burdened by litigation and restructuring charges in 2016. As a result we expect our cost-income ratio to improve, but 17 Deutsche Bank Operating and Financial Review – 3 Non-Financial Key Performance Annual Financial Statements Outlook – 14 Indicators – 96 and Management Report Risk and Opportunities – 21 Information pursuant to Section – 289 (4) of Deutsche Bank AG 2015 Risk Report – 24 of the German Commercial Code and Compensation Report – 51 Explanatory Report – 100 Internal Control over Financial Reporting – 92

remain at an elevated level in 2016 as we also expect challenges on the revenue side driven by the low interest rate environment and continued market volatility.

Risk-weighted assets are expected to increase slightly in 2016, mainly driven by an increase of Operational Risk related risk weighted assets and planned business growth. This will be partly offset by a decrease in risk-weighted assets resulting from the planned acceleration of our NCOU de-risking program.

In order to support our overall capitalization, the Management Board proposed to the Supervisory Board to recommend no common share dividend for the fiscal years 2015 and 2016. In our Strategy 2020 announcement, we articulated that we aspire to pay a competitive common share dividend payout ratio in the medium term.

By the nature of our business, we are involved in litigation, arbitration and regulatory proceedings and investigations in Germany and in a number of jurisdictions outside Germany, especially in the U.S. Such matters are subject to many uncertainties. While we have resolved a number of important legal matters and made progress on others, we expect the litigation and enforcement environment to continue to be challenging.

Our Business Segments

From 2016 onwards and in accordance with our Strategy 2020 our business operations are going to be organized under a new structure with the segments Global Markets (GM), Corporate & Investment Banking (CIB), Private, Wealth and Commercial Clients (PW&CC), Postbank, Deutsche Asset Management (AM) and Non-Core Operations Unit (NCOU). The following paragraphs contain the outlook of our business segments in their current organisational set-up. More details regarding the new structure are also provided in the descriptions of the respective business segments which follow.

Corporate Banking & Securities

For Corporate Banking & Securities (CB&S), the business environment is highly challenging in 2016. Since the beginning of 2016, we have already seen financial markets fall significantly, reflecting concerns on multiple fronts. Ongoing risks and uncertainties include exposure of global macroeconomic growth to event risks, evolution of central bank policies, the impact of low oil prices on the energy sector, ongoing regulatory developments, effects of further balance sheet de-leveraging, litigation charges and expenditures related to platform enhancements and regulatory requirements.

In 2016, we see various headwinds which may impact investment banking industry revenues. Challenges, including financial market turbulence slowing down client activity, ongoing regulatory pressure, continued pressure on resources and the potential impact of geo-political events will remain. We expect continued global economic growth in 2016 although differences in regional growth rates are expected to result in increasing divergence in monetary policy.

We expect 2016 industry Debt Sales & Trading revenues to be slightly lower, as an increase in Macro revenues due to monetary policy divergence will be more than offset by lower Credit revenues. Industry Equity Sales & Trading revenues are also expected to be moderately lower in 2016. We expect Corporate Finance industry fee pools to be lower in 2016 due to a decline in Advisory deal flow.

In light of the challenging operating environment and increasing pressure on our balance sheet and capital, we laid out a detailed bank-wide reorganisation plan as a part of Strategy 2020 aimed at increasing efficiency and generating sustainable returns. As part of this, starting in 2016 Corporate Banking & Securities will be reorganised into two business divisions: Sales and Trading activities have been combined in a newly created division called Global Markets and a division called Corporate & Investment Banking has been created by combining the Corporate Finance business from CB&S and Global Transaction Banking. Deutsche Bank 1 – Management Report 18 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

For Global Markets, the implementation of Strategy 2020 will entail a reduction in CRD 4 leverage exposure and a reduction in RWA consumption to partly offset increases driven by Operatinal Risk and Basel 4 regulatory changes. This will require a reshaping of our business portfolio – by reducing our product, country and client perimeter. We will also focus on reducing costs, driving platform efficiency and at the same time, enhancing regulatory compliance, control and conduct. The next two years will continue to see pressure on returns, as we continue to face RWA increases (mainly driven by Operational Risk RWA), reduce our business perimeter and make progress on outstanding issues.

In Corporate Finance, we will continue to focus on enhancing our client relationships, with the target of being a top three bank for our key corporate clients. We will continue to invest in higher returning products and relationships while rationalising lower-return and higher risk clients.

Despite challenging market conditions in recent years, and the continued uncertain outlook, we believe that the announced strategic priorities will position us favourably to face potential challenges and capitalise on future opportunities.

Private & Business Clients

Our Strategy 2020 foresees several transformation measures regarding Private & Business Clients (PBC) including measures to streamline our organisation, to optimize our branch network in Germany and to invest in digitalization. PBC’s transformation also includes portfolio measures, mainly the sale of our stake in Hua Xia Bank Co. Ltd (Hua Xia) and the separation of Postbank.

Regarding our 19.99 % stake in Hua Xia, we announced on December 28, 2015 that we agreed to sell the entire stake to PICC Property and Casualty Company Limited for a consideration of RMB 23.0 billion to RMB 25.7 billion (approximately € 3.2 billion to € 3.7 billion, based on December 2015 exchange rates). The sale is subject to final price adjustments at closing. The completion of the transaction, which is anticipated in the mid-year, is subject to customary closing conditions and regulatory approvals, including that of the China Banking Regulatory Commission.

In the first quarter of 2016, Postbank will become a separate segment and the remainder of PBC, which will be called Private & Commercial Clients (PCC), will be combined with Wealth Management (WM) into the new segment “Private, Wealth & Commercial Clients (PW&CC)”.

PCC aims to be a leading, digitally enabled advisory bank with a strong focus on growth in private banking and commercial banking. Our objectives include the offering of a seamless private client coverage approach in Germany, a strengthened European presence, as well as a focus on entrepreneurs in Germany and across Europe. Furthermore, we intend to invest in digitalization and aim to generate synergies from optimizing and streamlining product offerings, operations as well as overhead and support functions. We also plan to improve capital efficiency by further strengthening advisory capabilities and by emphasising less capital-intensive products.

In 2016, we expect revenues from deposit products to continue to suffer from the low interest rate environment while revenues from credit products are expected to grow, reflecting continued customer demand as well as our strategy to selectively expand our loan book. We will also continue our focus on investment and insurance products but revenue dynamics in this business will highly depend on the impact of the current challenging macroeconomic environment on customer confidence. Loan loss provisions were on very low levels in 2015 and we currently do not expect them to decline further from these levels. Both our revenues and noninterest expenses could be impacted by further regulatory requirements, and noninterest expenses in 2016 will include charges and investment spend related to the execution of the above-mentioned transformation measures. The aforementioned expectations regarding PCC apply for Postbank accordingly. Particularly, revenues are expected to be impacted by the low interest environment. 19 Deutsche Bank Operating and Financial Review – 3 Non-Financial Key Performance Annual Financial Statements Outlook – 14 Indicators – 96 and Management Report Risk and Opportunities – 21 Information pursuant to Section – 289 (4) of Deutsche Bank AG 2015 Risk Report – 24 of the German Commercial Code and Compensation Report – 51 Explanatory Report – 100 Internal Control over Financial Reporting – 92

Global Transaction Banking

The ongoing low interest rate levels with even negative rates in key markets, volatile stock markets, the highly competitive environment and challenges from geopolitical events are expected to continue to put downward pressure on business for Global Transaction Banking (GTB) in 2016.

In particular, we expect adverse impacts on our Cash Management business. Building on the strong result in 2015 and planned investments into the transaction banking business in light of Strategy 2020, we anticipate overall stable developments of volumes in 2016. With our continued focus on building and deepening client relationships, our comprehensive suite of products and our renowned service excellence, we believe we are well-placed to cope with the challenging environment. We will continue to invest in our businesses, notably our processes and IT platforms, while maintaining strict risk, cost and capital discipline to further enhance the resilience of our business model. The focus for 2016 will continue to be on regulatory compliance, control and conduct along with system stability. This will provide a strong foundation for future growth of GTB. Effective January 1, 2016, GTB together with Corporate Finance will be part of the business division called Corporate & Investment Banking.

Deutsche Asset & Wealth Management

Asset and wealth managers face numerous challenges in 2016, including an uncertain economic outlook, volatile equity and credit markets and continued low interest rates, combined with fierce competition and rising costs associated with regulation. Growth in most developed economies is likely to remain relatively flat, however many emerging countries may see slower growth and increased volatility, impacting investor risk appetite and potentially impacting asset flows. Turbulent conditions create opportunities for active investment management across traditional and alternative assets, as well as for trusted financial advice and guidance. As a result, we believe diversified, solutions-oriented asset and wealth managers that can leverage scale and intellectual capital to support their clients will fare better than most.

In 2016, Deutsche Bank will restructure Asset & Wealth Management. High net worth clients will be served by Deutsche Bank Wealth Management, a distinct business within the Private, Wealth & Commercial Clients division. Deutsche Asset Management will become a stand-alone division focused on providing investment solutions to institutions and intermediaries that serve individual clients. In Asset Management, we expect a further shift in investor preferences toward alternatives (including hedge funds, private equity, real estate, and infrastructure) and passive products (including index and exchange-traded products). As a result, we anticipate asset inflows in alternatives and passive products to outpace other asset classes in 2016. Addi- tionally, we expect continued growth of retirement solutions and demand for outcome-oriented solutions, particularly in developed markets as a result of ageing demographics. Together, these trends align with our investments to strengthen capabilities across products, channels and regions. With existing products and new launches planned, Deutsche Asset Management aims to grow its share in the market. As new structural changes are implemented, we intended to streamline front-to-back investment processes to serve our clients.

In Wealth Management, we expect Ultra-High Net Worth (UHNW) individuals to remain the wealth industry’s fastest growing client segment. We intend to drive growth through a targeted regional coverage model and by delivering cross- asset class, cross-border investment opportunities and solutions, as well as access to the broader capabilities of Deutsche Bank. We have designed segment-specific strategies, improved client analytics and deepened client relationships to help us achieve our aim to become the advisor of choice for UHNW individuals and a top five wealth manager globally. Delivery of this ambition will be underpinned by our product suite and expertise in managed solutions, lending and capital markets. Despite anticipated growth of the global asset and revenue pools, revenue performance remains dependent on market levels due to the high level of recurring fee revenue. The current level of markets would downward revenue pressure despite various strategic growth initiatives. Fee compression and heightened competition require a dynamic and cost efficient operating model. In 2016, additional technology and operations improvements will continue to be implemented, equipping both Asset Management and Wealth Management with adequate IT infrastructure to serve their clients. Further initiatives will be launched to streamline our geographic and operational footprint to support Group simplification efforts. Deutsche Bank 1 – Management Report 20 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

Non-Core Operations Unit

The Non-Core Operations Unit (NCOU) will focus on reducing leverage and risk-weighted assets with an ambition to materially unwind the remaining positions by the end of 2016, such that residual risk-weighted assets are less than € 10 billion in aggregate. Challenges in the overall market environment may impact the execution of NCOU’s strategy, specifically in terms of the associated timeline and financial impact. This uncertainty covers a number of factors that can impact the de-risking activity, however this accelerated wind down is estimated to be accretive to the Group’s capital ratios. In addition, the cost of servicing high interest rate liabilities currently included in NCOU revenues will be allocated to a new Postbank segment in 2016. We expect the litigation and enforcement environment to remain challenging for the foreseeable future. 21 Deutsche Bank Operating and Financial Review – 3 Non-Financial Key Performance Annual Financial Statements Outlook – 14 Indicators – 96 and Management Report Risk and Opportunities – 21 Information pursuant to Section – 289 (4) of Deutsche Bank AG 2015 Risk Report – 24 of the German Commercial Code and Compensation Report – 51 Explanatory Report – 100 Internal Control over Financial Reporting – 92

Risks and Opportunities

The risks and opportunities that we believe are likely to occur have been incorporated into our Outlook. The following section focuses on future trends or events that may result in downside risk or upside potential of what we have anticipated in our Outlook.

Risks

Macro-economic and market conditions

If growth prospects, the interest rate environment and competition in the financial services industry worsen compared to the expectation in our Outlook, this could adversely affect our business, results of operations or strategic plans.

An elevated level of political uncertainty and the increasing attractiveness to voters of populist parties in a number of countries in the European Union could lead to a partial unwinding of European integration. Furthermore, anti-austerity movements in some member countries of the eurozone could undermine confidence in the continued viability of those countries’ partciption in the euro. An escalation of political risks could have unpredictable political consequences as well as consequences for the financial system and the greater economy, potentially leading to declines in business levels, write-downs of assets and losses across our businesses. Our ability to protect ourselves against these risks is limited.

We may be required to take impairments on our exposure to the sovereign debt of European and other countries if the sovereign debt crisis reignites. The credit default swaps into which we have entered to manage sovereign credit risk may not be available to offset these losses as anticipated.

Adverse market conditions, unfavorable prices and volatility as well as cautious investor and client sentiment may in the future materially and adversely affect our revenues and profits.

In case AT1 coupons cannot be serviced due to insufficient available distributable items (ADI) for Deutsche Bank AG in accordance with stand-alone entity reporting under HGB this could lead to higher funding costs.

Regulatory reforms

The regulatory reforms enacted and proposed in response to weaknesses in the financial sector together with the increased regulatory scrutiny and discretion will impose material costs on us. This also creates significant uncertainty for us and may adversely affect our business plans and our ability to execute our strategic plans. Those changes that require us to maintain increased capital may significantly affect our business model, financial condition and result of operation as well as the competitive environment generally. Other regulatory reforms, such as bank levies, may also materially increase our forecasted operating costs. Regulatory reforms in respect of resolvability or resolution measures may also impact our shareholders and creditors. Deutsche Bank 1 – Management Report 22 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

Legal and regulatory proceedings

We are subject to a number of legal proceedings and regulatory investigations whose outcome is difficult to estimate and which may substantially and adversely affect our planned results of operations, financial condition and reputation.

Risk management policies, procedures and methods as well as operational risks

Although we have devoted significant resources to develop our risk management policies, procedures and methods, including with respect to market, credit, liquidity and operational risk, they may not be fully effective in mitigating our risk exposures, particularly in response to extreme market conditions or in response to emerging risks.

Strategy 2020

If we are unable to implement successfully our Strategy 2020, which is also subject to the previously mentioned factors, we may be unable to achieve our financial objectives, or we may incur losses or low profitability or erosions of our capital base, and our financial condition, results of operations and share price may be materially and adversely affected.

Specific considerations for Deutsche Bank AG

For Deutsche Bank AG as a solo entity reporting under HGB, there are additional risks compared to the Group plan based on IFRS that certain transactions in a given year lead to higher losses or lower profits in a given year than in the Group financial statements. The following items carry significant risk in this respect:

‒ Potential valuation adjustments of investments in affiliated companies, driven by local economic environment, increased local regulatory requirements or restructuring ‒ Increase in long-term provisions, especially pension obligations, despite rises in interest rate levels caused by the discounting with average interest rates according to section 253 par. 2 German Commercial Code,. ‒ Negative valuation adjustments to plan assets, especially in an environment of rising interest rate levels. Due to the above mentioned valuation methodology there might be no offsetting effect from lower pension obligations if interest rates are rising. ‒ Potential requirement to set up a provision according to German accounting pronouncement IDW RS BFA 3 in case the interest bearing banking book does not generate an interest margin sufficient to cover expected credit risk costs and administrative expenses. A persisting low interest rate environment and the expense of coupons on the AT1 instruments under HGB increase this risk. ‒ In case AT1 coupons can not be serviced due to insuffcient available distributable items (ADI) under HGB in a given year, this could lead to higher funding costs.

In addition there is the risk that, other than in the past, profits or retained earnings from affiliated companies do not allow for sufficient dividend payments to cover completely losses recognized in Deutsche Bank AG. 23 Deutsche Bank Operating and Financial Review – 3 Non-Financial Key Performance Annual Financial Statements Outlook – 14 Indicators – 96 and Management Report Risk and Opportunities – 21 Information pursuant to Section – 289 (4) of Deutsche Bank AG 2015 Risk Report – 24 of the German Commercial Code and Compensation Report – 51 Explanatory Report – 100 Internal Control over Financial Reporting – 92

Opportunities

Macro-economic and market conditions

Should the economic conditions, such as growth prospects, the interest rate environment and competitive conditions in the financial services industry improve beyond forecasted levels, this could lead to increasing revenues that may only be partially offset by additional costs, thus improving both income before income taxes and cost-income ratio directly and subsequently improving regulatory measures such as CET 1 and leverage ratio.

If market conditions, price levels, volatility and investor sentiment develop better than expected, this may also positively impact our revenues and profits. Similarly, if we experience higher levels of customer demand and market share than anticipated, this may positively affect our results of operations.

Strategy 2020

Strategy 2020 seeks to enable us to become a simpler and more efficient, less risky, better capitalized and better run organization. The implementation of Strategy 2020 may create further opportunities if implemented to a greater extent or under more favorable conditions than anticipated. If businesses and processes improve beyond our planning assumptions and cost efficiencies can be realized sooner or to a greater extent than forecasted, this could also positively impact our results of operations.

Specific considerations for Deutsche Bank AG

For Deutsche Bank AG as a solo entity reporting under HGB, there are additional opportunities compared to the Group plan based on IFRS that certain transactions are reported in a more beneficial manner than for the Group under IFRS in a given year. Accordingly, we expect that in the absence of recognizing equity pick-ups in connection with our shares in Hua-Xia Bank, a future sale will lead to a higher gain under HGB than under IFRS.

In addition, there is the possibility that Deutsche Bank AG as parent entity shows higher profits in a given year compared to its contribution to the group net income, based on the profit distribution pattern from affiliated companies. Deutsche Bank 1 – Management Report 24 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

Risk Report

Risk Management Principles

We seek to promote a strong risk culture throughout our organization. Our aim is to help reinforce our resilience by encouraging a holistic approach to the management of risk and return throughout our organization as well as the effective management of our risk, capital and reputational profile. We actively take risks in connection with our business and as such the following principles underpin risk culture within our group:

‒ Risk is taken within a defined risk appetite; ‒ Every risk taken needs to be approved within the risk management framework; ‒ Risk taken needs to be adequately compensated; and ‒ Risk should be continuously monitored and managed.

Employees at all levels are responsible for the management and escalation of risks. We expect employees to exhibit behaviors that support a strong risk culture. To promote this our policies require that behavior assessment is incorporated into our performance assessment and compensation processes. We have communicated the following risk culture behaviors through various communication vehicles:

‒ Being fully responsible for our risks; ‒ Being rigorous, forward looking and comprehensive in the assessment of risk; ‒ Inviting, providing and respecting challenges; ‒ Trouble shooting collectively; and ‒ Placing Deutsche Bank and its reputation at the heart of all decisions.

To reinforce these expected behaviors and strengthen our risk culture, we conduct a number of group-wide activities. Our Board members and senior management frequently communicate the importance of a strong risk culture to support a consistent tone from the top. In addition, to drive staff understanding and knowledge of risk culture, a dedicated risk culture library of industry reports and articles has been established on Deutsche Bank’s internal social media platform.

Throughout 2015, and into 2016, there has been increased focus on the effectiveness of training. Rather than introduc- ing additional training modules, where feasible we are embedding new messages into existing courses to keep them up to date and timely, and to avoid ‘learner overload’.

In addition, along with other measures to strengthen our performance management processes, we have designed and implemented a process to tie formal measurement of risk culture-related behaviors to our employee performance assessment, promotion and compensation processes. This process was first piloted in CB&S and GTB in 2010, and subsequently implemented in all divisions, with PBC International being the latest to have rolled out the process in July 2015. This process is designed to further strengthen employee accountability.

To aid with the holistic assessment of risk culture, 2015 saw the development of a Risk Culture Framework. The Framework defines the levers that contribute to the evolution of a strong risk culture, as well as the minimum criteria which should be met at Group and divisional level. 2016 will see the launch and application of this Framework across the Business.

Based on the newly developed Risk Culture Framework, a Risk Culture Annual Report was produced and presented to the Management Board as well as the Risk Committee of the Supervisory Board at the end of 2015. This forms part of Deutsche Banks’s commitment to ensure senior management are informed with regards to the risk culture of the Bank. 25 Deutsche Bank Operating and Financial Review – 3 Non-Financial Key Performance Annual Financial Statements Outlook – 14 Indicators – 96 and Management Report Risk and Opportunities – 21 Information pursuant to Section – 289 (4) of Deutsche Bank AG 2015 Risk Report – 24 of the German Commercial Code and Compensation Report – 51 Explanatory Report – 100 Internal Control over Financial Reporting – 92

Risk Management Framework

The diversity of our business model requires us to identify, assess, measure, aggregate and manage our risks, and to allocate our capital among our businesses. Risk and capital are managed via a framework of principles, organizational structures and measurement and monitoring processes that are closely aligned with the activities of the divisions and business units:

‒ Core risk management responsibilities are embedded in the Management Board and delegated to senior risk management committees responsible for execution and oversight. The Supervisory Board regularly monitors the risk and capital profile. ‒ We operate a three-line of defense (“3LoD”) risk management model. The 1st Line of Defence (“1st LoD”) are all the business divisions and service providing infrastructure areas (Group Technology Operations and Corporate Ser- vices) who are the "owners" of the risks. The 2nd Line of Defence (“2nd LoD”) are all the independent risk and control infrastructure functions. The 3rd Line of Defence (“3rd LoD”) is Group Audit, which assures the effectiveness of our controls. The 3LoD model and the underlying design principles apply to all levels of the organization i.e. group- level, regions, countries, branches and legal entities. All 3LoD are independent of one another and accountable for maintaining structures that ensure adherence to the design principles at all levels. ‒ Risk strategy is approved by the Management Board on an annual basis and is defined based on the Group Risk Appetite and Strategic and Capital Plan in order to align risk, capital and performance targets. ‒ Cross-risk analysis reviews are conducted across the Group to validate that sound risk management practices and a holistic awareness of risk exist. ‒ All material risk types are managed via risk management processes, including: credit risk, market risk, operational risk, liquidity risk, business risk, reputational risk, model risk and compliance risk. Modeling and measurement approaches for quantifying risk and capital demand are implemented across the material risk types. Non-standard risks (reputational risk, model risk, compliance risk) are implicitly covered in our economic capital framework, primarily within operational and strategic risk. For more details, refer to section “Risk and Capital Management” for the management process of our material risks. ‒ Monitoring, stress testing tools and escalation processes are in place for key capital and liquidity thresholds and metrics. ‒ Systems, processes and policies are critical components of our risk management capability. ‒ Recovery planning provides the escalation path for crisis management governance and supplies senior management with a list of actions designed to improve the capital and liquidity positions in a stress event. ‒ Resolution planning is closely supervised by our resolution authority, the Single Resolution Board (“SRB”). It provides a strategy to manage Deutsche Bank in case of default. It is designed to prevent the need for tax payer bailout and strengthen financial stability by the continuation of critical services delivered to the wider economy.

The Risks of Deutsche Bank AG within the Group Network

The impact of the risks on Deutsche Bank AG cannot be isolated from the effects on Deutsche Bank’s other separate legal entities. There are several reasons for this:

‒ The Group’s internal structure according to Group Divisions follows its customers’ needs. The external legal structure is determined by local legislation and therefore does not necessarily follow the internal structure. For example, local legislation can determine whether the Group’s business in a certain country is conducted by a branch of Deutsche Bank AG or by a separate subsidiary. However, the management has to monitor the risks in the bank’s business – irrespective of whether it is transacted by a branch or a subsidiary. ‒ Adequate risk monitoring and management requires knowledge of the extent to which the Group’s profit situation depends on the development of certain risk factors, i.e. on the creditworthiness of individual customers or securities issuers or on movements in market prices. The respective exposures therefore need to be analyzed across legal entities. Especially for the credit risk attached to a borrower, it is fairly irrelevant whether the credit exposure to a company is spread over several Group companies or concentrated on Deutsche Bank AG. Separate monitoring of Deutsche Bank 1 – Management Report 26 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

the risk affecting Deutsche Bank AG alone would neglect the potential hazard facing the Group and, indirectly, Deutsche Bank AG – as the parent – if the company became insolvent. ‒ Individual risk factors are sometimes correlated, and in some cases they are independent of each other. If estimates of the nature and extent of this correlation are available, the Group’s management can greatly reduce the overall risk by diversifying its businesses across customer groups, issuers and countries. The risk correlation is also independent of the Group’s legal and divisional structure. The management can therefore only optimize the risk- mitigating effects of diversification if it manages them Group-wide and across legal entities.

For the reasons mentioned, the identification, monitoring and management of all risks in Deutsche Bank AG are integrated into the Group-wide risk management process. In so far, all amounts provided in this risk report refer to Deutsche Bank Group, if not otherwise specified.

Deutsche Bank AG complies with all legal and regulatory requirements. For a more detailed discussion about the risk management within the Group network see the Group’s risk report in the Group’s Financial Report.

Risk Management Organization

Our operations throughout the world are regulated and supervised by relevant authorities in each of the jurisdictions in which we conduct business. Such regulation focuses on licensing, capital adequacy, liquidity, risk concentration, conduct of business as well as organizational and reporting requirements. The European Central Bank in connection with the competent authorities of EU countries which joined the Single Supervisory Mechanism via the Joint Supervisory Team act in cooperation as our primary supervisors to monitor our compliance with the German Banking Act and other applicable laws and regulations as well as the CRR/CRD 4 framework and respective implementations into German law.

European banking regulators assess our capacity to assume risk in several ways, which are described in more detail in the section “Regulatory Capital” of this report.

Several layers of management provide cohesive risk governance:

‒ The Supervisory Board is informed regularly and – as necessary – on special developments in our risk situation, risk management and risk controlling, as well as on our reputation and material litigation cases. It has formed various committees to handle specific tasks. ‒ At the meetings of the Risk Committee, the Management Board reports on credit, market, liquidity, business, compliance, model, operational as well as litigation and reputational risks. It also reports on credit risk strategy, credit portfolios, loans requiring a Supervisory Board resolution pursuant to law or the Articles of Association, questions of capital resources and matters of special importance due to the risks they entail. The Risk Committee deliberates with the Management Board on issues of the aggregate risk disposition and the risk strategy and supports the Su- pervisory Board in monitoring the implementation of this strategy. ‒ The Integrity Committee monitors the Management Board’s measures that promote the company’s compliance with legal requirements, authorities’ regulations and the company’s own in-house policies. It also reviews the Bank’s Code of Business Conduct and Ethics, monitors and analyzes the Bank’s legal and reputational risks and advocates their avoidance. ‒ The Audit Committee monitors, among other matters, the effectiveness of the risk management system, particularly the internal control system and the internal audit system. ‒ The Management Board is responsible for managing Deutsche Bank Group in accordance with the law, the Articles of Association and its Terms of Reference with the objective of creating sustainable value in the interest of the company, thus taking into consideration the interests of the shareholders, employees and other stakeholders. The Man- agement Board is responsible for establishing a proper business organization, encompassing an appropriate and effective risk management. In agreement with the Supervisory Board and with the aim to ensure an effective governance of resources and risk, the Management Board has established the Capital and Risk Committee (“CaR”), the Risk Executive Committee (“Risk ExCo”),the Non-Financial Risk Executive Committee (NFR ExCo), and the Group 27 Deutsche Bank Operating and Financial Review – 3 Non-Financial Key Performance Annual Financial Statements Outlook – 14 Indicators – 96 and Management Report Risk and Opportunities – 21 Information pursuant to Section – 289 (4) of Deutsche Bank AG 2015 Risk Report – 24 of the German Commercial Code and Compensation Report – 51 Explanatory Report – 100 Internal Control over Financial Reporting – 92

Reputational Risk Committee (GRRC) whose roles are described in more detail below. In the fourth quarter of 2015, the Management Board streamlined the number of directly established committees. Hence, a revised committee governance structure is being prepared which will, going forward, combine risk management-relevant matters under one committee, starting 01. April 2016.

The following functional committees are central to the management of risk in Deutsche Bank:

‒ The CaR oversees and controls integrated planning and monitoring of our risk profile and capital capacity, providing an alignment of risk appetite, capital requirements and funding/liquidity needs with Group, divisional and sub- divisional business strategies. It provides a platform to discuss and agree strategic issues impacting capital, funding and liquidity among Risk, Government & Regulatory Affairs, Finance and the business divisions. The CaR initiates actions and/or makes recommendations to the Management Board. It is also responsible for monitoring our risk profile against our risk appetite on a regular basis and determining whether a matter should be escalated or other actions should be taken. The CaR monitors the performance of our risk profile against early warning indicators and recovery triggers, and provides recommendations to the Management Board to invoke defined processes and/or actions under the recovery governance framework if required. ‒ The Risk ExCo identifies, controls and manages all risks including risk concentrations at Group level. It is responsible for risk policy, the organization and governance of risk management and oversees the execution of risk and capital management including identification, assessment and risk mitigation, within the scope of the risk and capital strategy (Risk and Capital Demand Plan) approved by the Management Board. ‒ The Non-Financial Risk Executive Committee (“NFR ExCo”) oversees, governs and coordinates the management of non-financial risks in Deutsche Bank Group and establishes a cross-risk and holistic perspective of the key non- financial risks of the Group. It is tasked to define the non-financial risk appetite framework, to monitor and control the non-financial risk operating model, including the Three Lines of Defence principles and interdependencies between Business Divisions and Control Functions and within Control Functions ‒ The Group Reputational Risk Committee (“GRRC”) is responsible for the oversight, governance and coordination of the reputational risk management in the Deutsche Bank Group and provides for an appropriate look-back and a les- sons learnt process. It reviews and decides all Reputational Risk issues escalated by the Regional Reputational Risk Committees (RRRCs) and RRRC decisions which have been appealed by the Units. It provides guidance on Group-wide reputational risk matters, including communication of sensitive topics, to the appropriate levels of Deutsche Bank Group. The RRRCs which are sub-committees of the GRRC, are responsible for the oversight, governance and coordination of the management of reputational risk in the respective regions on behalf of the Man- agement Board. ‒ The Portfolio Risk Committee (“PRC”) supports the Risk ExCo and the CaR with particular emphasis on the management of Group-wide risk patterns including the review and governance of key concentration risks. ‒ The Living Wills Committee (“LWC”) is the dedicated sub-committee of the CaR with focus on recovery and resolution planning. It oversees the implementation of our recovery and resolution plans and enhancements to the Group’s operational readiness to respond to severe stress or the threat of a severe stress. ‒ The Regulatory Capital Committee (RCC) is a further sub-committee of our Capital and Risk Committee. It is tasked with oversight on our risk quantification models. The RCC has also responsibility for the oversight and control of our Internal Capital Adequacy Assessment Process (“ICAAP”). Together with the PRC, It oversees our Group-wide stress tests, reviews the results and proposes management action, if required. It monitors the effectiveness of the stress test process and aims to drive continuous improvement of our stress testing framework.

Multiple senior members are members of the CaR as well as the Risk ExCo, NFR ExCo and/or GRRC, which facilitates the information flow between these committees. We will continue to enhance the aforementioned committee structure going forward culminating into a single committee overseeing risk matters that are established by the Management Borad e.g. Group Risk Committee.

Our Chief Risk Officer (“CRO”), who is a member of the Management Board, has Group-wide, supra-divisional responsibility for the management of all credit, market and operational risks as well as for the comprehensive control of risk, i.e. including liquidity risk, and continuing development of methods for risk measurement. In addition, the Chief Risk Officer is responsible for monitoring, analyzing and reporting risk on a comprehensive basis, including asset and liability gap, capital, liquidity, legal, compliance and regulatory risks, as well as other non-financial risks. Deutsche Bank 1 – Management Report 28 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

The CRO has direct management responsibility for the following risk management functions: Credit Risk Management, Market Risk Management, Operational Risk Management and Liquidity Risk Control.

These are established with the mandate to:

‒ Support that the business within each division is consistent with the risk appetite that the CaR has set within a framework established by the Management Board; ‒ Determine and implement risk and capital management policies, procedures and methodologies that are appropriate to the businesses within each division; ‒ Approve credit, market and liquidity risk limits; ‒ Conduct periodic portfolio reviews to keep the portfolio of risks within acceptable parameters; and ‒ Develop and implement risk and capital management infrastructures and systems that are appropriate for each division.

Dedicated divisional Chief Risk Officers as well as regional Chief Risk Officers for Germany, for the Americas and for Asia-Pacific have been appointed to establish holistic risk management coverage. Since January 2016, along with Deutsche Bank’s business divisions, the responsibilities of the divisional CROs have been aligned.

The heads of the aforementioned risk management functions as well as the regional and divisional Chief Risk Officers have a reporting line into the CRO.

In 2015 our 3LoD program concluded and ownership for maintenance and development of the 3LoD framework was transferred to ORM. The 3LoD program established Divisional Control Officers (“DCO”) to strengthen capabilities across the 1st LoD as risk owners, while clarifying control accountabilities and enhanced standards across 2nd LoD control functions. A new non-financial Risk and Control Management framework and IT platform was established to manage the effectiveness of the control environment by the 1st and 2nd LoD and is currently being rolled out and further enhanced.

Several teams within the risk management functions cover overarching aspects of risk management. Their mandate is to provide an increased focus on holistic risk management and cross-risk oversight to further enhance our risk portfolio steering. Key objectives are to:

‒ Drive key strategic cross-risk initiatives and establish greater cohesion between defining portfolio strategy and governing execution, including regulatory adherence; ‒ Provide a strategic and forward-looking perspective on the key risk issues for discussion at senior levels within the bank (risk appetite, stress testing framework); ‒ Strengthen risk culture in the bank; and ‒ Foster the implementation of consistent risk management standards.

Since January 2016, these tasks have been consolidated into the newly created Enterprise Risk Management (ERM) function. ERM also sets the bank-wide risk management framework aimed at identifying and controlling risks across the institution within the agreed risk appetite.

Also since January 1, 2016, the second line of defence oversight for both the Group Data Management Office (GDMO) and the Chief Information Security Office (CISO) transferred to the Risk organization as well as Corporate Security & Business Continuity (CSBC), demonstrating our increased focus on holistic management of non-financial risks.

Our Finance, Risk and Group Audit functions operate independently of our business divisions. It is the responsibility of the Finance and Risk departments to quantify and verify the risk that we assume and maintain the quality and integrity of our risk-related data. Group Audit as our 3rd Line of Defence, independently examines, evaluates and reports on the adequacy of both the design and effectiveness of the systems of internal control including the risk management systems. 29 Deutsche Bank Operating and Financial Review – 3 Non-Financial Key Performance Annual Financial Statements Outlook – 14 Indicators – 96 and Management Report Risk and Opportunities – 21 Information pursuant to Section – 289 (4) of Deutsche Bank AG 2015 Risk Report – 24 of the German Commercial Code and Compensation Report – 51 Explanatory Report – 100 Internal Control over Financial Reporting – 92

The integration of the risk management of our subsidiary Deutsche Postbank AG is promoted through harmonized processes for identifying, assessing, managing, monitoring, and communicating risk, the strategies and procedures for determining and safe guarding risk-bearing capacity, and corresponding internal control procedures. Key features of the joint governance are:

‒ Functional reporting lines from the Postbank Risk Management to Deutsche Bank Risk; ‒ Participation of voting members from Deutsche Bank from the respective risk functions in Postbank’s key risk committees and vice versa for selected key committees; and ‒ Implementation of key Group risk policies at Postbank.

The key risk management committees of Postbank, in all of which Postbank’s Chief Risk Officer or senior risk managers of Deutsche Bank are voting members, are:

‒ The Bank Risk Committee, which advises Postbank’s Management Board with respect to the determination of overall risk appetite and risk and capital allocation; ‒ The Credit Risk Committee, which is responsible for limit allocation and the definition of an appropriate limit framework; ‒ The Market Risk Committee, which decides on limit allocations as well as strategic positioning of Postbank’s banking and trading book and the management of liquidity risk; ‒ The Operational Risk Management Committee, which defines the appropriate risk framework as well as the limit allocation for the individual business areas; and ‒ The Model and Validation Risk Committee, which monitors validation of all rating systems and risk management models.

In 2014, the full integration of large clients was completed. These are now centrally managed on our credit platform and the regulator extended acceptance for the use of the joint model parameters for large cap corporate clients and financial institutions.

Following the announcement of Strategy 2020 at the end of April 2015 – in the context of which we intend to de- consolidate and sell Postbank and its subsidiaries – further system integration was halted. However, the achieved level of integration and joint risk management described above is planned to be maintained unchanged until Postbank ceas- es to be a part of Deutsche Bank Group.

In parallel, work has commenced to prepare the complete separation of Postbank sub-group. The principal pre- condition guiding all preparations for a separation is to maintain Postbank’s continuous operational capability and its adherence to regulatory requirements at all times. Deutsche Bank 1 – Management Report 30 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

Risk Strategy and Appetite

Risk Appetite and Capacity

Risk appetite expresses the level of risk that we are willing to assume within our risk capacity in order to achieve our business objectives, as defined by a set of minimum quantitative metrics and qualitative standards. Risk capacity is defined as the maximum level of risk we can assume in both normal and distressed situations before breaching regulatory constraints and our obligations to stakeholders.

Risk appetite is an integral element in our business planning processes via our Risk and Capital Demand Plan, to promote the appropriate alignment of risk, capital and performance targets, while at the same time considering risk capacity and appetite constraints, from both financial and non-financial risks. We leverage the stress testing process to test the compliance of the plan also under stressed market conditions. Top-down risk appetite serves as the limit for risk-taking for the bottom-up planning from the business functions.

The Management Board reviews and approves our risk appetite and capacity on an annual basis, or more frequently in the event of unexpected changes to the risk environment, with the aim of ensuring that they are consistent with our Group’s strategy, business and regulatory environment and stakeholders’ requirements.

Reports relating to our risk profile as compared to our risk appetite and strategy and our monitoring thereof are presented regularly up to the Management Board. Throughout the year 2015, our actual risk profile has remained in the normal levels as defined in the table above. In the event that our desired risk appetite is breached under either normal or stressed scenarios, a predefined escalation governance matrix is applied so these breaches are highlighted to the respective committees, and ultimately to the Chief Risk Officer and the Management Board. Amendments to the risk appetite and capacity must be approved by the Chief Risk Officer or the full Management Board, depending on their significance. In November 2015 as part of our annual risk appetite thresholds calibration exercise, we adjusted our normal and crisis level of CRR/CRD 4 fully loaded CET 1 ratio to >10 % and <7.25 % respectively. Furthermore, we enhanced the key metrics to include Liquidity Coverage Ratio (LCR) and Leverage Ratio (LR) with normal and crisis level of LCR set at >105% and <100% and LR (CRR/CRD 4 fully loaded) level at >3.2% and <3.1% respectively. All these changes are effective January 1, 2016.

Strategic and Capital Plan

We conduct annually an integrated strategic planning process which lays out the development of our future strategic direction as a group and for our business areas/units. The strategic plan aims to create a holistic perspective on capital, funding and risk under risk-return considerations. This process translates our long term strategic targets into measurable short to medium term financial targets and enables intra-year performance monitoring and management. Thereby we aim to identify optimal growth options by considering the risks involved and the allocation of available capital resources to drive sustainable performance. Risk specific portfolio strategies complement this framework and allow for an in-depth implementation of the risk strategy on portfolio level, addressing risk specifics including risk concentrations.

The strategic planning process consists of two phases: a top-down target setting and a bottom-up substantiation.

In a first phase – the top down target setting – our key targets for profit and loss (including revenues and costs), capital supply, and capital demand as well as leverage and funding and liquidity are discussed for the group and the key business areas. In this process, the targets for the next three years are based on our global macro-economic outlook and the expected regulatory framework. Subsequently, the targets are approved by the Management Board.

In a second phase, the top-down objectives are substantiated bottom-up by detailed business unit plans, which for the first year consist of a month by month operative plan; years two and three are annual plans. The proposed bottom-up plans are reviewed and challenged by Finance and Risk and are discussed individually with the business heads. Thereby, the specifics of the business are considered and concrete targets decided in line with our strategic direction. 31 Deutsche Bank Operating and Financial Review – 3 Non-Financial Key Performance Annual Financial Statements Outlook – 14 Indicators – 96 and Management Report Risk and Opportunities – 21 Information pursuant to Section – 289 (4) of Deutsche Bank AG 2015 Risk Report – 24 of the German Commercial Code and Compensation Report – 51 Explanatory Report – 100 Internal Control over Financial Reporting – 92

The bottom-up plans include targets for key legal entities to review local risk and capitalization levels. Stress tests complement the strategic plan to also consider stressed market conditions.

The resulting Strategic and Capital Plan is presented to the Board for discussion and approval. Following the approval of the Management Board, the final plan is presented to the Supervisory Board.

The Strategic and Capital Plan is designed to support our vision of being a leading client-centric global universal bank and aims to ensure:

‒ Balanced risk adjusted performance across business areas and units; ‒ High risk management standards with focus on risk concentrations; ‒ Compliance with regulatory requirements; ‒ Strong capital and liquidity position; and ‒ Stable funding and liquidity strategy allowing for the business planning within the liquidity risk appetite and regulatory requirements.

The Strategic and Capital Planning process allows us to:

‒ Set earnings and key risk and capital adequacy targets considering the bank’s strategic focus and business plans; ‒ Assess our risk-bearing capacity with regard to internal and external requirements (i.e., economic capital and regulatory capital); and ‒ Apply an appropriate stress test to assess the impact on capital demand, capital supply and liquidity.

The specific limits e.g. for regulatory capital demand, economic capital, and leverage exposures are derived from the Strategic and Capital Plan to align risk, capital and performance targets at all relevant levels of the organization.

All externally communicated financial targets are monitored on an ongoing basis in appropriate management committees. Any projected shortfall from targets is discussed together with potential mitigating strategies seeking to ensure that we remain on track to achieve our targets. Amendments to the strategic and capital plan must be approved by the Management Board. Achieving our externally communicated solvency targets ensures that we also comply with the Group Supervisory Review and Evaluation Process requirements as articulated by our home supervisor. In December 2015, the ECB informed Deutsche Bank that the consolidated Group has to keep a CET 1 ratio of at least 10.25 % on a phase-in basis at all times. Deutsche Bank´s G-SIB buffer of currently 2.0% is not included in the minimum level subject to a 4 year phase-in period. Deutsche Bank 1 – Management Report 32 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

Risk Measurement Tools

We use a broad range of quantitative and qualitative methodologies for assessing and managing risks. As a matter of policy, we continually assess the appropriateness and the reliability of our quantitative tools and metrics in light of our changing risk environment. Some of these tools are common to a number of risk categories, while others are tailored to the particular features of specific risk categories. The main advanced internal tools and metrics we currently use to measure, manage and report our risks are:

‒ Risk-Weighted Assets (RWA). RWA form the key factor in determining the bank’s regulatory capital adequacy as reflected in the Common Equity Tier 1 capital ratio. RWA are used to set targets for the growth of our businesses and monitored within our management reporting systems. As a general rule, RWA are calculated in accordance with the currently valid CRR/CRD 4 framework, as implemented into German law (where necessary) and used within our forward looking risk and capital planning processes. ‒ Leverage Ratio Exposure. We calculate our leverage ratio exposure on a fully loaded basis in accordance with Art. 429 of the CRR as per Delegated Regulation (EU) 2015/62 of 10 October 2014 published in the Official Journal of the European Union on January 17, 2015 amending Regulation (EU) No 575/2013. Our total leverage ratio exposure consists of the components Derivatives, Securities Financing Transactions (SFTs), Off-balance sheet exposure and other on-balance sheet exposure (excluding derivatives and SFTs). The leverage exposure for derivatives is calculated by using the regulatory mark-to-market method for derivatives comprising the current replacement cost plus a regulatory defined add-on for the potential future exposure. ‒ Value-at-risk. We use the value-at-risk approach to derive quantitative measures for our trading book market risks under normal market conditions and by means of the stressed value-at-risk under stressed market conditions. Our respective value-at-risk figures play a role in both internal and external (regulatory) reporting. For a given portfolio, value-at-risk measures the potential future loss (in terms of market value) that, under normal/stressed market conditions, is not expected to be exceeded with a defined confidence level in a defined period. The value-at-risk for a total portfolio represents a measure of our diversified market risk (aggregated, using pre-determined correlations) under normal/stressed market conditions in that portfolio. ‒ Economic capital. Economic capital measures the amount of capital we need to absorb very severe unexpected losses arising from our exposures. “Very severe” in this context means that economic capital is set at a level to cover with a probability of 99.98 % the aggregated unexpected losses within one year. We calculate economic capital for credit risk, for market risk including trading default risk, for operational risk and for business risk. ‒ Liquidity. Within the Group, liquidity and funding risks are managed within a cohesive liquidity risk management and governance framework. We apply several tools to measure liquidity risk and evaluate our operational, tactical and strategic liquidity positions. The operational liquidity aims to safeguard our intraday and end of day liquidity position while the tactical ensures we have access to wholesale funding (secured and unsecured). Our strategic liquidity is aimed at ensuring a balanced term liquidity profile and funding diversification, and access to the capital markets. We conduct a liquidity stress testing since 2001 to determine the stressed net liquidity position (SNLP), a key component of our risk appetite framework. This is derived via a quantitative simulation of the bank’s funding development under various scenarios. Additionally, we measure our liquidity coverage ratio as defined by Basel Committee and adopted by EBA.

We have a strong commitment to stress testing performed on a regular basis in order to assess the impact of a severe economic downturn on our risk profile and financial position. These exercises complement traditional risk measures and represent an integral part of our strategic and capital planning process. Our stress testing framework comprises regular Group-wide stress tests based on internally defined benchmark and more severe macroeconomic global downturn scenarios. We include all material risk types into our stress testing exercises. The time-horizon of internal stress tests is one year. Our methodologies undergo regular scrutiny from internal experts as well as regulators to review whether they correctly capture the impact of a given stress scenario. These analyses are complemented by portfolio- and country-specific stress tests as well as regulatory requirements, such as annual reverse stress tests and additional stress tests requested by our regulators on the group or legal entity level. Moreover, a capital planning stress test is performed annually to assess the viability of our capital plan in adverse circumstances and to demonstrate a clear link between risk appetite, business strategy, capital plan and stress testing. An integrated procedure allows us to assess the impact of ad-hoc scenarios that simulate potential imminent financial or geopolitical shocks. 33 Deutsche Bank Operating and Financial Review – 3 Non-Financial Key Performance Annual Financial Statements Outlook – 14 Indicators – 96 and Management Report Risk and Opportunities – 21 Information pursuant to Section – 289 (4) of Deutsche Bank AG 2015 Risk Report – 24 of the German Commercial Code and Compensation Report – 51 Explanatory Report – 100 Internal Control over Financial Reporting – 92

Types of Risk

Deutsche Bank AG is exposed to a variety of risks, amongst them credit, market, operational, liquidity, reputational, model, compliance and business (strategic) risks.

Credit Risk

Credit risk arises from all transactions where actual, contingent or potential claims against any counterparty, borrower, obligor or issuer (which we refer to collectively as “counterparties”) exist, including those claims that we plan to distrib- ute. These transactions are typically part of our traditional nontrading lending activities (such as loans and contingent liabilities), traded bonds and debt securities available for sale or our direct trading activity with clients (such as OTC derivatives, like foreign exchange forwards and Forward Rate Agreements). Carrying values of equity investments are also disclosed in our Credit Risk section. We manage the respective positions within our market risk and credit risk frameworks.

Based on the annual risk identification and materiality assessment, credit risk contains four material categories, namely default risk, industry risk, country risk, and product risk.

Credit risk is measured by credit rating, regulatory and internal capital demand and key credit metrics. Our rating analysis is based on a combination of qualitative and quantitative factors. When rating a counterparty we apply in- house assessment methodologies, scorecards and our 21-grade rating scale for evaluating the credit-worthiness of our counterparties. Besides the key credit risk metric we apply for managing our credit portfolio, including transaction approval and the setting of risk appetite, are internal limits and credit exposures under these limits. Credit limits set forth maximum credit exposures we are willing to assume over specified periods. In determining the credit limit for a counterparty, we consider the counterparty’s credit quality by reference to our internal credit rating. Credit limits and credit exposures are both measured on a gross and net basis where net is derived by deducting hedges and certain collateral from respective gross figures. For derivatives, we look at current market values and the potential future exposure over the lifetime of a transaction. We generally also take into consideration the Risk-Return characteristics of individual transactions and portfolios. Risk-Return metrics explain the development of client revenues as well as capital consumption. In this regard we also look at the client revenues with respect to the balance sheet consumption.

Market Risk

The vast majority of our businesses are subject to market risk, defined as the potential for change in the market value of our trading and invested positions. Risk can arise from changes in interest rates, credit spreads, foreign exchange rates, equity prices, commodity prices and other relevant parameters, such as market volatility and market implied default probabilities. One of the primary objectives of Market Risk Management, a part of our independent Risk function, is to ensure that our business units do not expose us to unacceptable losses outside of our risk appetite. To achieve this objective, Market Risk Management works closely together with risk takers (“the business units”) and other control and support groups.

We assume market risk in both trading and nontrading activities. We use a combination of risk sensitivities, value-at- risk, stress testing and economic capital metrics to manage market risks and establish limits. Economic capital is the metric that is used to describe and aggregate all market risks, both in trading and nontrading portfolios.

Market Risk Management governance is designed and established to promote oversight of all market risks, effective decision-making and timely escalation to senior management.

Market Risk Management defines and implements a framework to systematically identify, assess, monitor and report our market risk. Market risk managers identify market risks through active portfolio analysis and engagement with the business areas. Deutsche Bank 1 – Management Report 34 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

Trading Market Risk

Our primary mechanism to manage trading market risk is the application of our Risk Appetite framework of which the limit framework is a key component. Our Management Board supported by Market Risk Management, sets group-wide value-at-risk, economic capital and portfolio stress testing limits for market risk in the trading book. Market Risk Man- agement allocates this overall appetite to our Corporate Divisions and individual business units within CB&S (i.e., Structured Finance, Equities, etc.) based on established and agreed business plans. We also have business aligned heads within Market Risk Management to establish business limits, by allocating the limit down to individual portfolios or geographical regions.

Value-at-risk, economic capital and Portfolio Stress Testing limits are used for managing all types of market risk at an overall portfolio level. As an additional and complementary tool for managing certain portfolios or risk types, Market Risk Management performs risk analysis and business specific stress testing. Limits are also set on sensitivity and concentration/liquidity, business-level stress testing and event risk scenarios.

While value-at-risk, calculated on a daily basis, supplies forecasts for potential large losses under normal market conditions, it is not adequate to measure the tail risks or the potential for extreme loss events of the portfolios. We therefore also perform regular stress tests in which we value our trading portfolios under severe market scenarios not covered by the confidence interval of the value-at-risk model.

We derive the scenarios from historically observed severe shocks in those risk factors, augmented by subjective assessments where only limited historical data are available, or where market developments are viewed to make historical data a poor indicator of possible future market scenarios. Tail risk or the potential for extreme loss events beyond reported value-at risk is captured via stressed value-at-risk, economic capital, incremental risk charge and comprehensive risk measure. It is also captured via stress testing

These stress tests form the basis of our assessment of the economic capital that we estimate is needed to absorb very severe, unexpected losses arising from our exposures over the period of one year. “Very severe” in this context means that economic capital is set at a level which covers, with a probability of 99.98 %, all unexpected losses over a one year time horizon.

In December 2011 we received model approvals, from the BaFin, for the stressed value-at-risk, incremental risk charge and comprehensive risk measure models. These are additional methods we use to measure market risk exposures.

‒ Stressed value-at-risk: calculates a stressed value-at-risk measure based on a continuous one year period of significant market stress. ‒ Incremental Risk Charge: captures default and credit migration risks in addition to the risks already captured in value-at-risk for credit-sensitive positions in the trading book. ‒ Comprehensive Risk Measure: captures incremental risk for the correlation trading portfolio calculated using an internal model subject to qualitative minimum requirements as well as stress testing requirements. ‒ Market Risk Standardized Approach: calculates regulatory capital for securitizations and nth-to-default credit derivatives.

Nontrading Market Risk

Nontrading market risk arises primarily from outside the activities of our trading units, in our banking book and from certain off-balance sheet items. Significant market risk factors the bank is exposed to and are overseen by risk management groups in that area are:

‒ Interest rate risk (including model risk from embedded optionality and from modeling behavioral assumptions for certain product types), credit spread risk, foreign exchange risk, equity risk (including investments in public and private equity as well as real estate, infrastructure and fund assets). 35 Deutsche Bank Operating and Financial Review – 3 Non-Financial Key Performance Annual Financial Statements Outlook – 14 Indicators – 96 and Management Report Risk and Opportunities – 21 Information pursuant to Section – 289 (4) of Deutsche Bank AG 2015 Risk Report – 24 of the German Commercial Code and Compensation Report – 51 Explanatory Report – 100 Internal Control over Financial Reporting – 92

‒ Market risks from off-balance sheet items such as pension schemes and guarantees as well as structural foreign exchange risk and equity compensation risk.

Non-trading market risk economic capital is being calculated either by applying the standard traded market risk EC methodology (SVaR based EC model) or through the use of non-traded market risk models that are specific to each risk class and which consider, among other factors, large historically observed market moves, the liquidity of each asset class, and changes in client behavior in relation to deposit products.

Operational Risk

Operational risk is the risk of loss resulting from inadequate or failed internal processes, people and systems, or from external events. It includes legal risk but excludes business and reputational risk.

Group Operational Risk Management is part of the Group Risk function which is headed by the Chief Risk Officer (“CRO”). The CRO appoints the Head of Group Operational Risk Management.

Within Group ORM the Head of Group Operational Risk Management is accountable for the design, implementation and maintenance of an effective and efficient Group Operational Risk Management Framework.

The NFR ExCo, which is chaired by the Chief Risk Officer, is responsible for the oversight, governance and coordination of the Non-Financial Risk management in the Deutsche Bank Group on behalf of the Management Board by establishing a cross-risk and holistic perspective of the key Non-Financial Risks of the Group. The decision-making and policy related authorities include the review, advice and management in a diligent manner of all Non-Financial Risk issues which may impact the holistic / cross risk profile reported by a business division or infrastructure function.

The Regulatory Capital Committee (“RCC”) has delegated parts of its authority for operational risk capital demand management to the AMA Committee (“AMAC”) within defined limits. The AMAC is mandated to oversee the regulatory and economic capital process for operational risk. It aims to ensure adherence to regulatory requirements for the AMA model and its calculation process as well as their adherence to internal policies. The committee either directly approves, or endorses to the RCC for approval, all quantitative and qualitative changes impacting Deutsche Bank's regulatory or economic capital. Additionally, the committee oversees all relevant aspects of model risk for operational risk models.

While the day-to-day management of operational risk is the primary responsibility of our business divisions and infrastructure functions, Group ORM manages the cross divisional and cross regional operational risk as well as risk concentrations and promotes a consistent application of the ORMF across the bank. Through our business partnership model, we aim to maintain close monitoring and high awareness of operational risks.

In order to cover the broad range of risk types underlying operational risk, our framework contains a number of operational risk management techniques. These aim to efficiently manage the operational risk in our business and are used to identify, assess and mitigate operational risks.

We calculate and measure the regulatory and economic capital requirements for operational risk using the Advanced Measurement Approach (AMA) methodology. The regulatory capital requirement for operational risk is derived from the 99.9 % percentile. The economic capital is set at a level to absorb at a 99.98 % percentile very severe aggregate unexpected losses within one year. Both regulatory and economic capital requirements are calculated for a time horizon of one year.

Liquidity Risk

Liquidity risk is the risk arising from our potential inability to meet all payment obligations when they come due or only being able to meet these obligations at excessive costs. The objective of the Group’s liquidity risk management framework is to ensure that the Group can fulfil its payment obligations at all times and can manage liquidity and funding Deutsche Bank 1 – Management Report 36 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

risks within its risk appetite. The framework considers relevant and significant drivers of liquidity risk, whether on- balance sheet or off-balance sheet.

Our liquidity risk management framework has been an important factor in maintaining adequate liquidity and in managing our funding profile during 2015.

In accordance with the ECB’s Supervisory Review and Evaluation Process (SREP), Deutsche Bank has implemented an annual Internal Liquidity Adequacy Assessment Process (“ILAAP”), which is reviewed and approved by the Man- agement Board. The ILAAP provides comprehensive documentation of the Bank’s Liquidity Risk Management framework, including: identifying the key liquidity and funding risks to which the Group is exposed; how these risks are identified, monitored and measured and describes the techniques and resources used to manage and mitigate these risks.

The Management Board defines the liquidity and funding risk strategy for the bank, as well as the risk appetite, based on recommendations made by the Capital and Risk Committee (“CaR”). At least annually the Management Board reviews and approves the limits which are applied to the Group to measure and control liquidity risk as well as our long- term funding and issuance plan.

Treasury is mandated to manage the overall liquidity and funding position of the bank, with Liquidity Risk Control acting as an independent control function, responsible for the validation of Liquidity Risk models which are developed by Treasury, to measure and manage the Group’s liquidity risk profile.

Treasury manages liquidity and funding, in accordance with the Management Board approved risk appetite across a range of relevant metrics, and implements a number of tools to monitor these and ensure compliance. In addition, Treasury works closely in conjunction with Liquidity Risk Control (“LRC”), and the business, to analyse and understand the underlying liquidity characteristics of the business portfolios. These parties are engaged in regular and frequent dialogue to understand changes in the bank’s position arising from business activities and market circumstances. Dedicated business targets are allocated to ensure the Group meets its overall liquidity and funding appetite.

The Management Board is informed of performance against these risk appetite metrics, via a weekly Liquidity Score- card. As part of the annual strategic planning process, we project the development of the key liquidity and funding metrics based on the underlying business plans to ensure that the plan is in compliance with our risk appetite.

Global liquidity stress testing and scenario analysis is one of the key tools for measuring liquidity risk and evaluating the Group’s short-term liquidity position within the liquidity framework. It complements the intraday operational liquidity management process and the long-term liquidity strategy, represented by the Funding Matrix.

Business (Strategic) Risk

Strategic Risk is the risk of a potential earnings downside due to revenues and/or costs underperforming plan targets. Strategic Risk may arise from poor strategic positioning, failure to execute strategy or lack of effective responses to material negative plan deviations caused by either external or internal factors (including macro, financial and idiosyn- cratic drivers). Strategic Risk has been defined as part of overall Business Risk.

The key aim of Strategic Risk Management is to strengthen the bank´s earnings resilience and protect it against undue earnings volatility to support overall risk appetite targets (especially CET 1 ratio and Leverage Ratios). We aim to achieve this by identifying, assessing, limiting, mitigating and monitoring key strategic risks.

Currently, the modelling and quantitative measurement of Strategic Risk is primarily covered by our internal economic capital (EC) framework. In 2016, we will implement a comprehensive framework to manage Strategic Risk 37 Deutsche Bank Operating and Financial Review – 3 Non-Financial Key Performance Annual Financial Statements Outlook – 14 Indicators – 96 and Management Report Risk and Opportunities – 21 Information pursuant to Section – 289 (4) of Deutsche Bank AG 2015 Risk Report – 24 of the German Commercial Code and Compensation Report – 51 Explanatory Report – 100 Internal Control over Financial Reporting – 92

Reputational Risk

Within our risk management process, we define reputational risk as the risk of possible damage to Deutsche Bank’s brand and reputation, and the associated risk to earnings, capital or liquidity, arising from any association, action or inaction which could be perceived by stakeholders to be inappropriate, unethical or inconsistent with Deutsche Bank’s values and beliefs.

Our reputational risk is governed by the Reputational Risk Framework (the Framework). The Framework was established to provide consistent standards for the identification, assessment and management of reputational risk issues. While every employee has a responsibility to protect Deutsche Bank’s reputation, the primary responsibility for the identification, assessment, management, monitoring and, if necessary, referring or reporting, of reputational risk matters lies with Deutsche Bank’s Business Divisions. Each employee is under an obligation, within the scope of his/her activities, to be alert to any potential causes of reputational risk and to address them according to the Framework.

If a potential reputational risk is identified, it is required to be referred for further consideration within the Business Divi- sion through their Unit Reputational Risk Assessment Process. In the event that a matter is deemed to carry a material reputational risk and/or meets one of the mandatory referral criteria, it must be referred through to one of the four Re- gional Reputational Risk Committees (RRRCs) for further review as the 2nd line of defence. The RRRCs are subcommittees of the Group Reputational Risk Committee (GRRC) and are responsible for the oversight, governance and coordination of the management of reputational risk in their respective regions of Deutsche Bank on behalf of the Man- agement Board. In exceptional circumstances, matters can also be referred by the RRRCs to the GRRC.

The modelling and quantitative measurement of reputational risk internal capital is implicitly covered in our economic capital framework primarily within operational and strategic risk.

Model Risk

Model Risk is the risk of possible adverse consequences of decisions based on models that are inappropriate, incorrect, or misused. In this context, a model is defined as a quantitative method, system, or approach that applies statistical, economic, financial, or mathematical theories, techniques, and assumptions to process input data into quantitative estimates.

A new Model risk function was established in 2014, aggregating all core model risk management activities across the bank into one independent function:

‒ Model validation provides independent validation of the methodological aspects of models. The key objectives of model validation are to verify that models are performing as expected, in line with their design objectives and business uses, and to aim to ensure that models are logically and conceptually sound and assess the appropriateness and accuracy of the implementation methodology; ‒ Model risk governance supports establishment of a front-to-back model risk management framework which includes defining common standards for model development, usage and validation; identification and remediation of issues and inconsistencies in modeling; and maintenance of a bank-wide model inventory; and ‒ Key senior management forums to address model risk are the Group Model Risk Management Committee (“GMRMC”) and the Pricing Model Risk Management Committee (“PMRMC”). Both are subcommittees of the CaR and act on behalf of the Management Board. The PMRMC is responsible for management and oversight of model risk from valuation models (front office models that are used for official pricing and risk management of trading positions). The GMRMC is responsible for management and oversight of model risk from risk and capital models.

The modeling and quantitative measurement of model risk internal capital is implicitly covered in our economic capital framework primarily within operational and strategic risk. Deutsche Bank 1 – Management Report 38 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

Compliance Risk

Compliance Risk is defined as the current or prospective risk to earnings and capital arising from violations or non- compliance with laws, rules, regulations, agreements, prescribed practices or ethical standards and can lead to fines, damages and/ or the voiding of contracts and can diminish an institution’s reputation.

Compliance manages this risk through the following:

‒ Identifying material rules and regulations where non-compliance could lead to endangerment of the Bank’s assets (supported by the bank’s business divisions, infrastructure functions or Regional Management); ‒ Advising and supporting the Management Board concerning the adherence to material rules and regulations as well as acting to implement effective procedures for compliance with applicable material rules and regulations, and the setup of the corresponding controls; ‒ Monitoring the coverage of new or changed material rules and regulations by our business divisions, infrastructure functions or Regional Management including potential implementation plans for appropriate controls. Compliance is not explicitly requested to run its own monitoring programs but has the right to carry out monitoring activities; ‒ Assessing the coverage of all existing material rules and regulations by the bank’s business divisions, infrastructure functions or Regional Management and existence of a corresponding control environment; and ‒ Reporting to the Management and Supervisory Boards on at least an annual basis and on an ad hoc basis.

The modeling and quantitative measurement of compliance risk internal capital is implicitly covered in our economic capital framework primarily within operational and strategic risk. 39 Deutsche Bank Operating and Financial Review – 3 Non-Financial Key Performance Annual Financial Statements Outlook – 14 Indicators – 96 and Management Report Risk and Opportunities – 21 Information pursuant to Section – 289 (4) of Deutsche Bank AG 2015 Risk Report – 24 of the German Commercial Code and Compensation Report – 51 Explanatory Report – 100 Internal Control over Financial Reporting – 92

Risk Profile

Our mix of various business activities results in diverse risk taking by our business divisions. We also measure the key risks inherent in their respective business models through the undiversified Total Economic Capital (EC) metric, which mirrors each business division’s risk profile before taking into account cross-risk effects at the Group level

Risk Profile of our Corporate Divisions as measured by Total Economic Capital Dec 31, 2015 Deutsche Corporate Private & Global Asset & Non-Core Consoli- in € m. (unless Banking & Business Transaction Wealth Operations dation & Total Total stated otherwise) Securities Clients Banking Management Unit Adjustments in € m. in % Credit Risk 6,634 3,724 2,076 456 777 18 13,685 36 Market Risk 5,722 4,264 203 2,248 695 4,303 17,436 45 Operational Risk 6,778 871 1,077 1,054 463 0 10,243 27 Business Risk 5,662 0 7 1 261 0 5,931 15 Diversification Benefit1 (5,691) (1,314) (622) (714) (377) (133) (8,852) (23) Total EC in € m. 19,105 7,544 2,741 3,045 1,819 4,188 38,442 N/M in % 50 20 7 8 5 11 100 N/M N/M – Not meaningful 1 Diversification benefit across credit, market, operational and strategic risk (largest part of business risk).

Dec 31, 2014 Deutsche Corporate Private & Global Asset & Non-Core Consoli- in € m. (unless Banking & Business Transaction Wealth Operations dation & stated otherwise) Securities Clients Banking Management Unit Adjustments Total Total Credit Risk 5,799 3,547 2,302 323 868 46 12,885 40 Market Risk 5,153 3,200 185 1,987 1,308 3,020 14,852 47 Operational Risk 3,569 1,088 150 722 2,070 0 7,598 24 Business Risk 2,581 0 4 1 499 0 3,084 10 Diversification Benefit1 (3,441) (1,095) (262) (611) (1,087) (59) (6,554) (21) Total EC in € m. 13,661 6,740 2,379 2,420 3,658 3,008 31,866 N/M in % 43 21 7 8 11 9 100 N/M 1 Diversification benefit across credit, market, operational and strategic risk (largest part of business risk).

Corporate Banking & Securities’ (CB&S) risk profile is dominated by its trading in support of origination, structuring and market making activities, which gives rise to market risk and credit risk. Further credit risks originate from exposures to corporates and financial institutions. The share of the operational risk in CB&S’ risk profile has increased significantly over the last year reflecting a higher loss profile in the industry, internal losses as well as a change in the allocation methodology within the Group. The remainder of CB&S’ risk profile is derived from strategic risk component of the business risk in light of the less optimistic earnings outlook for 2016.

Private & Business Clients’ (PBC) risk profile comprises credit risk from retail and small and medium-sized enterprises (SMEs) lending as well as nontrading market risk from investment risk, modeling of client deposits and credit spread risk. The increase in PBC’s overall risk profile over 2015 was mainly driven by methodology update for investment risk (primarily related to Hua Xia Bank Co. Ltd.) as well as higher credit spread risk.

Global Transaction Banking’s (GTB) revenues are generated from various products with different risk profiles. The vast majority of its risk relates to credit risk in the Trade Finance business and operational risk. The relatively low market risk mainly results from modeling of client deposits.

The main risk driver of Deutsche Asset & Wealth Management’s (Deutsche AWM) business are guarantees on investment funds, which we report as nontrading market risk. Otherwise Deutsche AWM’s advisory and commission focused business attracts primarily operational risk. The increased economic capital usage over 2015 was mainly driven by a Deutsche Bank 1 – Management Report 40 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

higher nontrading market risk from increased credit spread and default risk in guaranteed funds’ portfolio composition as well as an increased share from group operational risk capital based on the change in the divisional allocation methodology within the AMA model.

The Non-Core Operations Unit (NCOU) portfolio includes activities that are non-core to the Bank’s future strategy; assets earmarked for de-risking; assets suitable for separation; assets with significant capital absorption but low returns; and assets exposed to legal risks. NCOU’s risk profile covers risks across the entire range of our operations primarily comprising credit and market risks targeted where possible for accelerated de-risking. The share of the operational risk in NCOU’s risk profile has decreased significantly over the last year reflecting a change in the allocation methodology within the Group.

Consolidation & Adjustments mainly comprises nontrading market risk for structural foreign exchange risk, pension risk and equity compensation risk. The increase in nontrading market risk compared to 2014 was mainly driven a higher structural foreign exchange risk and a methodology change for equity compensation risk.

Credit Risk

The tables in this section show details about several of our main credit exposure categories, namely loans, irrevocable lending commitments, contingent liabilities, over-the-counter (“OTC”) derivatives, traded loans, traded bonds, debt securities available for sale and repo and repo-style transactions:

‒ “Loans” are net loans as reported on our balance sheet at amortized cost but before deduction of our allowance for loan losses. ‒ “Irrevocable lending commitments” consist of the undrawn portion of irrevocable lending-related commitments. ‒ “Contingent liabilities” consist of financial and performance guarantees, standby letters of credit and other similar arrangements (mainly indemnity agreements). ‒ “OTC derivatives” are our credit exposures from over-the-counter derivative transactions that we have entered into, after netting and cash collateral received. On our balance sheet, these are included in financial assets at fair value through profit or loss or, for derivatives qualifying for hedge accounting, in other assets, in either case, before netting and cash collateral received. ‒ “Traded loans” are loans that are bought and held for the purpose of selling them in the near term, or the material risks of which have all been hedged or sold. From a regulatory perspective this category principally covers trading book positions. ‒ “Traded bonds” include bonds, deposits, notes or commercial paper that are bought and held for the purpose of selling them in the near term. From a regulatory perspective this category principally covers trading book positions. ‒ “Debt securities available for sale” include debentures, bonds, deposits, notes or commercial paper, which are issued for a fixed term and redeemable by the issuer, which we have classified as available for sale. ‒ “Repo and repo-style transactions” consist of reverse repurchase transactions, as well as securities or commodities borrowing transactions before application of netting and collateral received.

Although considered in the monitoring of maximum credit exposures, the following are not included in the details of our main credit exposure: brokerage and securities related receivables, cash and central bank balances, interbank balances (w/o central banks), assets held for sale, accrued interest receivables, traditional securitization positions as well as equity investments. 41 Deutsche Bank Operating and Financial Review – 3 Non-Financial Key Performance Annual Financial Statements Outlook – 14 Indicators – 96 and Management Report Risk and Opportunities – 21 Information pursuant to Section – 289 (4) of Deutsche Bank AG 2015 Risk Report – 24 of the German Commercial Code and Compensation Report – 51 Explanatory Report – 100 Internal Control over Financial Reporting – 92

Main Credit Exposure Categories by Business Divisions Dec 31, 2015 Irrevocable Debt lending securities Repo and commit- Contingent OTC Traded Traded available repo-style in € m. Loans1 ments2 liabilities derivatives3 Loans Bonds for sale transactions4 Total Corporate Banking & Securities 79,610 134,514 4,629 44,862 14,815 89,136 45,494 111,276 524,337 Private & Business Clients 218,451 11,174 1,662 501 0 1 17,146 7,132 256,067 Global Transaction Banking 76,125 20,410 47,699 692 266 28 168 10,149 155,537 Deutsche Asset & Wealth Management 45,135 6,071 2,477 372 10 7,112 3,441 5 64,623 Non-Core Operations Unit 13,321 1,642 784 2,625 368 6,934 1,932 14 27,620 Consolidation & Adjustments 135 738 74 0 0 0 85 0 1,031 Total 432,777 174,549 57,325 49,053 15,459 103,212 68,266 128,575 1,029,215 1 Includes impaired loans amounting to € 8.2 billion as of December 31, 2015. 2 Includes irrevocable lending commitments related to consumer credit exposure of € 9.2 billion as of December 31, 2015. 3 Includes the effect of netting agreements and cash collateral received where applicable. Excludes derivatives qualifying for hedge accounting. 4 Before reflection of collateral and limited to securities purchased under resale agreements and securities borrowed.

Dec 31, 2014 Irrevocable Debt lending securities Repo and commit- Contingent OTC Traded Traded available repo-style in € m. Loans1 ments2 liabilities derivatives3 Loans Bonds for sale transactions4 Total Corporate Banking & Securities 61,820 119,995 4,865 43,407 14,865 92,272 34,411 112,605 484,239 Private & Business Clients 214,688 11,687 1,735 464 0 2 16,665 8,714 253,955 Global Transaction Banking 77,334 17,121 51,663 595 614 87 184 3,159 150,758 Deutsche Asset & Wealth Management 38,676 4,158 2,681 839 12 7,940 3,403 11 57,719 Non-Core Operations Unit 18,049 954 1,072 1,760 1,163 7,509 4,358 17 34,883 Consolidation & Adjustments 258 530 71 13 0 0 111 0 983 Total 410,825 154,446 62,087 47,078 16,654 107,808 59,132 124,507 982,537 1 Includes impaired loans amounting to € 9.3 billion as of December 31, 2014. 2 Includes irrevocable lending commitments related to consumer credit exposure of € 9.4 billion as of December 31, 2014. 3 Includes the effect of netting agreements and cash collateral received where applicable. Excludes derivatives qualifying for hedge accounting. 4 Before reflection of collateral and limited to securities purchased under resale agreements and securities borrowed.

Our main credit exposure increased by € 46.7 billion.

‒ From a divisional perspective, CB&S increased by € 40.1 billion, Deutsche AWM by € 6.9 billion and GTB by € 4.8 billion. NCOU achieved a managed reduction of € 7.3 billion. ‒ From a product perspective, strong exposure increases have been observed for loans, irrevocable lending commitments and debt securities available for sale. Exposure reductions were observed for contingent liabilities and traded bonds. ‒ From an industry perspective, our credit exposure is higher compared with last year mainly due to an increase in Fund management activities of € 13.0 billion and Commercial real estate activities of € 8.8 billion, driven by higher loan exposure, as well as increases in the category Other by € 8.9 billion mainly attributable to Irrevocable lending commitments.

Our credit exposure to our ten largest counterparties accounted for 7 % of our aggregated total credit exposure in these categories as of December 31, 2015 compared with 7 % as of December 31, 2014. Our top ten counterparty exposures were with well-rated counterparties or otherwise related to structured trades which show high levels of risk mitigation. Deutsche Bank 1 – Management Report 42 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

Our largest concentration of credit risk within loans from a regional perspective is in our home market Germany, with a significant share in households, which includes the majority of our mortgage lending business.

Within the OTC derivatives business, tradable assets as well as repo and repo-style transactions, our largest concentrations from a regional perspective were in Western Europe (excluding Germany) and North America. From the industry perspective, exposures from OTC derivative as well as repo and repo-style transactions have a significant share in highly rated financial intermediation companies. For tradable assets, a large proportion of exposure is also with public sector companies.

Market Risk

VaR is a quantitative measure of the potential loss (in value) of Fair Value positions due to market movements that will not be exceeded in a defined period of time and with a defined confidence level.

Our value-at-risk for the trading businesses is based on our own internal model. In October 1998, the German Banking Supervisory Authority (now the BaFin) approved our internal model for calculating the regulatory market risk capital for our general and specific market risks. Since then the model has been continually refined and approval has been maintained.

We calculate VaR using a 99 % confidence level and a one day holding period. This means we estimate there is a 1 in 100 chance that a mark-to-market loss from our trading positions will be at least as large as the reported VaR. For regulatory purposes, which include the calculation of our capital requirements and risk-weighted assets, the holding period is ten days.

We use one year of historical market data as input to calculate VaR. The calculation employs a Monte Carlo Simulation technique, and we assume that changes in risk factors follow a well-defined distribution, e.g. normal or non-normal (t, skew-t, Skew-Normal). To determine our aggregated VaR, we use observed correlations between the risk factors during this one year period.

Our VaR model is designed to take into account a comprehensive set of risk factors across all asset classes. Key risk factors are swap/government curves, index and issuer-specific credit curves, funding spreads, single equity and index prices, foreign exchange rates, commodity prices as well as their implied volatilities. To help ensure completeness in the risk coverage, second order risk factors, e.g. CDS index vs. constituent basis, money market basis, implied dividends, option-adjusted spreads and precious metals lease rates are considered in the VaR calculation.

For each business unit a separate VaR is calculated for each risk type, e.g. interest rate risk, credit spread risk, equity risk, foreign exchange risk and commodity risk. For each risk type this is achieved by deriving the sensitivities to the relevant risk type and then simulating changes in the associated risk drivers. “Diversification effect” reflects the fact that the total VaR on a given day will be lower than the sum of the VaR relating to the individual risk types. Simply adding the VaR figures of the individual risk types to arrive at an aggregate VaR would imply the assumption that the losses in all risk types occur simultaneously.

The model incorporates both linear and, especially for derivatives, nonlinear effects through a combination of sensitivity-based and revaluation approaches on grids.

The VaR measure enables us to apply a consistent measure across all of our trading businesses and products. It allows a comparison of risk in different businesses, and also provides a means of aggregating and netting positions within a portfolio to reflect correlations and offsets between different asset classes. Furthermore, it facilitates compari- sons of our market risk both over time and against our daily trading results.

When using VaR estimates a number of considerations should be taken into account. These include: 43 Deutsche Bank Operating and Financial Review – 3 Non-Financial Key Performance Annual Financial Statements Outlook – 14 Indicators – 96 and Management Report Risk and Opportunities – 21 Information pursuant to Section – 289 (4) of Deutsche Bank AG 2015 Risk Report – 24 of the German Commercial Code and Compensation Report – 51 Explanatory Report – 100 Internal Control over Financial Reporting – 92

‒ The use of historical market data may not be a good indicator of potential future events, particularly those that are extreme in nature. This “backward-looking” limitation can cause VaR to understate risk (as in 2008), but can also cause it to be overstated. ‒ Assumptions concerning the distribution of changes in risk factors, and the correlation between different risk factors, may not hold true, particularly during market events that are extreme in nature. The one day holding period does not fully capture the market risk arising during periods of illiquidity, when positions cannot be closed out or hedged within one day. ‒ VaR does not indicate the potential loss beyond the 99th quantile. ‒ Intra-day risk is not reflected in the end of day VaR calculation. ‒ There may be risks in the trading book that are partially or not captured by the VaR model.

The table below presents the value-at-risk metrics calculated with a 99 % confidence level and a one-day holding period for our trading units. It excludes contributions from Postbank trading book which are calculated on a stand-alone basis.

Value-at-Risk of our Trading Units in the Reporting Period Diversification Interest rate Credit spread Equity price Foreign exchange Commodity price Total effect risk risk risk risk risk in € m. 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 Average 43.3 51.6 (40.9) (34.9) 20.3 25.1 30.9 31.2 16.6 14.8 15.0 13.2 1.3 2.2 Maximum 65.6 71.4 (59.2) (61.9) 30.2 42.8 40.3 38.9 28.3 24.6 25.0 21.2 4.0 10.2 Minimum 28.7 35.4 (31.0) (24.4) 16.2 15.7 24.0 25.9 9.2 9.9 6.0 6.9 0.5 0.7 Period-end 33.3 49.0 (38.8) (36.0) 18.3 18.1 26.2 29.6 11.7 15.5 15.1 20.5 0.9 1.3

The average value-at-risk over 2015 was € 43.3 million, which is a decrease of € 8.3 million compared with the full year 2014. The average interest rate value-at-risk decreased on average, and there were increases in the average Foreign Exchange and Equity value-at-risk. Foreign Exchange value at risk increased due to an increase in U.S. dollar exposure on average compared to the full year 2014. Equity value-at-risk increased resulting from an increase in exposure on individual equities. Additionally increases in market volatility within the one year time horizon used in VaR have also contributed to the increased Foreign Exchange and Equity value-at-risk numbers. The overall reduction in VaR is driven by the reduction in the Interest Rate value-at-risk and an improvement in the portfolio diversification.

Leverage Ratio

We manage our balance sheet on a Group level and, where applicable, locally in each region. In the allocation of financial resources we favour business portfolios with the highest positive impact on our profitability and shareholder value. We monitor and analyze balance sheet developments and track certain market-observed balance sheet ratios. Based on this we trigger discussion and management action by the Capital and Risk Committee. Following the publication of the CRR/CRD 4 framework, we established a leverage ratio calculation according to that framework.

Leverage Ratio according to revised CRR/CRD 4 framework (fully loaded)

The CRR/CRD 4 framework introduced a non-risk based leverage ratio that is intended to act as a supplementary measure to the risk based capital requirements. Its objectives are to constrain the build-up of leverage in the banking sector, helping avoid destabilizing deleveraging processes which can damage the broader financial system and the economy, and to reinforce the risk based requirements with a simple, non-risk based “backstop” measure.

We calculate our leverage ratio exposure on a fully loaded basis in accordance with Art. 429 of the CRR as per Dele- gated Regulation (EU) 2015/62 of 10 October 2014 published in the Official Journal of the European Union on January 17, 2015 amending Regulation (EU) No 575/2013. Deutsche Bank 1 – Management Report 44 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

Our total leverage ratio exposure consists of the components derivatives, securities financing transactions (SFTs), off- balance sheet exposure and other on-balance sheet exposure (excluding derivatives and SFTs).

The leverage exposure for derivatives is calculated by using the regulatory mark-to-market method for derivatives comprising the current replacement cost plus a regulatory defined add-on for the potential future exposure. Variation margin received in cash from counterparties is deducted from the current replacement cost portion of the leverage ratio exposure measure and variation margin paid to counterparties is deducted from the leverage ratio exposure measure related to receivables recognized as an asset on the balance sheet, provided certain conditions are met. The effective notional amount of written credit derivatives, i.e., the notional reduced by any negative fair value changes that have been incorporated in Tier 1 capital is included in the leverage ratio exposure measure; the resulting exposure measure is further reduced by the effective notional amount of a purchased credit derivative on the same reference name provided certain conditions are met.

The SFT component includes the gross receivables for SFTs, which are netted with SFT payables if specific conditions are met. In addition to the gross exposure a regulatory add-on for the counterparty credit risk is included.

The Off-balance sheet exposure component follows the credit risk conversion factors (CCF) of the standardized approach for credit risk (0 %, 20 %, 50 %, or 100 %), which depend on the risk category subject to a floor of 10 %.

The other on-balance sheet exposure component (excluding derivatives and SFTs) reflects the accounting values of the assets (excluding derivatives and SFTs) as well as regulatory adjustments for asset amounts deducted in determining Tier 1 capital.

The following tables show the leverage ratio exposure and the leverage ratio, both on a fully loaded basis:

Summary reconciliation of accounting assets and leverage ratio exposures in € m. Dec 31, 2015 Dec 31, 2014 Total assets as per published financial statements 1,629 1,709 Adjustment for entities which are consolidated for accounting purposes but are outside the scope of regulatory consolidation 3 (28) Adjustments for derivative financial instruments (263) (276) Adjustment for securities financing transactions (SFTs) 25 16 Adjustment for off-balance sheet items (i.e. conversion to credit equivalent amounts of off-balance sheet exposures) 109 127 Other adjustments (107) (103) Leverage ratio total exposure measure 1,395 1,445

Leverage ratio common disclosure in € m. (unless stated otherwise) Dec 31, 2015 Dec 31, 2014 Total derivative exposures 215 318 Total securities financing transaction exposures 164 152 Total off-balance sheet exposures 109 127 Other Assets 924 866 Asset amounts deducted in determining Tier 1 capital fully loaded (17) (19) Tier 1 capital fully loaded 48.7 50.7 Total Exposures 1,395 1,445 Leverage Ratio – using a fully loaded definition of Tier 1 capital (in %) 3.5 3.5 45 Deutsche Bank Operating and Financial Review – 3 Non-Financial Key Performance Annual Financial Statements Outlook – 14 Indicators – 96 and Management Report Risk and Opportunities – 21 Information pursuant to Section – 289 (4) of Deutsche Bank AG 2015 Risk Report – 24 of the German Commercial Code and Compensation Report – 51 Explanatory Report – 100 Internal Control over Financial Reporting – 92

Description of the factors that had an impact on the leverage ratio in 2015

As of December 31, 2015, our fully loaded CRR/CRD 4 leverage ratio was 3.5 % compared to 3.5 % as of Decem- ber 31, 2014, taking into account as of December 31, 2015 a fully loaded Tier 1 capital of € 48.7 billion over an applicable exposure measure € 1,395 billion (€ 50.7 billion and € 1,445 billion as of December 31, 2014, respectively).

Over the year 2015 the active management of our leverage exposure resulted in a decrease of the leverage ratio exposure amounting to € 129 billion, though this decrease was partly offset by foreign exchange impacts of € 79 billion primarily related to the appreciation of the U.S. dollar to the euro. The decrease of € 50 billion mainly reflects reductions in derivatives and securities financing transaction of € 91 billion. Off-balance sheet exposures reduced € 18 billion primarily from the application of revised EBA treatment to defined benefit pension fund assets. This was offset by increases on our balance sheet for cash, central bank and interbank balances by € 26 billion, loans by € 22 billion and financials assets available for sale by € 9 billion.

For main drivers of the Tier 1 capital development please refer to section Regulatory Capital in this report.

Liquidity Risk

Funding Risk Management

Deutsche Bank’s primary tool for monitoring and managing funding risk is the Funding Matrix. The Funding Matrix assesses the Group’s structural funding profile for the greater than one year time horizon. To produce the Funding Matrix, all funding-relevant assets and liabilities are mapped into time buckets corresponding to their contractual or modeled maturities. This allows the Group to identify expected excesses and shortfalls in term liabilities over assets in each time bucket, facilitating the management of potential liquidity exposures.

The liquidity maturity profile is based on contractual cash flow information. If the contractual maturity profile of a product does not adequately reflect the liquidity maturity profile, it is replaced by modelling assumptions. Short-term balance sheet items (<1yr) or matched funded structures (asset and liabilities directly matched with no liquidity risk) can be excluded from the term analysis.

The bottom-up assessment by individual business line is combined with a top-down reconciliation against the Group’s IFRS balance sheet. From the cumulative term profile of assets and liabilities beyond 1 year, any long-funded surpluses or short-funded gaps in the Group’s maturity structure can be identified. The cumulative profile is thereby built up starting from the above 10 year bucket down to the above 1 year bucket.

The funding matrix analysis together with the strategic liquidity planning process, which forecasts the funding supply and demand across business units, provides the key input parameter for our annual capital market issuance plan. Upon approval by the Management Board the capital markets issuance plan establishes issuing targets for securities by tenor, volume and instrument. We also maintain a stand-alone U.S. dollar and GBP funding matrix which limits the maximum short position in any time bucket (>1 year to >10 years) to € 10 billion and € 5 billion respectively. This sup- plements the risk appetite for our aggregate currency funding matrix which requires us to maintain a positive funding position in any time bucket (>1 year to > 10 years).

Liquidity Reserves

Liquidity reserves comprise available cash and cash equivalents, highly liquid securities (includes government, agency and government guaranteed) as well as other unencumbered central bank eligible assets.

The volume of our liquidity reserves is a function of our expected daily stress result, both at an aggregate level as well as at an individual currency level. To the extent we receive incremental short-term wholesale liabilities which attract a Deutsche Bank 1 – Management Report 46 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

high stress roll-off, we will largely keep the proceeds of such liabilities in cash or highly liquid securities as a stress mitigant. Accordingly, the total volume of our liquidity reserves will fluctuate as a function of the level of short-term wholesale liabilities held, although this has no material impact on our overall liquidity position under stress. Our liquidity reserves include only assets that are freely transferable within the Group, or can be applied against local entity stress outflows. We hold the vast majority of our liquidity reserves centrally, at our parent and our foreign branches with further reserves held at key locations in which we are active. While we hold our reserves across major currencies, their size and composition are subject to regular senior management review.

Composition of our freely transferable liquidity reserves by parent company (including branches) and subsidiaries Dec 31, 2015 Dec 31, 2014 in € bn. Carrying Value Liquidity Value Carrying Value Liquidity Value Available cash and cash equivalents (held primarily at central banks) 98 98 65 65 Parent (incl. foreign branches) 75 75 54 54 Subsidiaries 23 23 11 11 Highly liquid securities (includes government, government guaranteed and agency securities) 100 94 103 96 Parent (incl. foreign branches) 78 73 81 75 Subsidiaries 22 21 23 20 Other unencumbered central bank eligible securities 17 13 16 11 Parent (incl. foreign branches) 14 11 14 10 Subsidiaries 3 2 2 1 Total liquidity reserves 215 205 184 171 Parent (incl. foreign branches) 167 159 149 139 Subsidiaries 48 46 35 32

As of December 31, 2015, our freely transferable liquidity reserves amounted to € 215 billion compared with € 184 billion as of December 31, 2014. The primary driver of the increase of € 31 billion in 2015 was a growth of € 34 billion in our available-cash and cash equivalents during the year mainly driven by increased external funding sources, together with small decrease in our highly- liquid securities. Our average liquidity reserves during the year were € 202.2 billion compared with € 189.8 billion during 2014. In the table above the carrying value represents the market value of our liquidity reserves while the liquidity value reflects our assumption of the value that could be obtained, primarily through secured funding, taking into account the experience observed in secured funding markets at times of stress.

Capital Requirements and Adequacy

The calculation of our regulatory capital incorporates the capital requirements following the “Regulation (EU) No 575/2013 on prudential requirements for credit institutions and investment firms” (Capital Requirements Regulation or “CRR”) and the “Directive 2013/36/EU on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms” (Capital Requirements Directive 4 or “CRD 4”) as implemented into German law. The information in this section as well as in the section “Development of risk-weighted Assets” is based on the regulatory principles of consolidation.

When referring to results according to full application of the final CRR/CRD 4 framework (without consideration of applicable transitional methodology) we use the term “CRR/CRD 4 fully loaded”. In some cases, CRR/CRD 4 maintains transitional rules that had been adopted in earlier capital adequacy frameworks through Basel 2 or Basel 2.5. These relate e.g. to the risk weighting of certain categories of assets and include rules permitting the grandfathering of equity investments at a risk-weight of 100 %. In these cases, our CRR/CRD 4 fully loaded methodology assumes that the impact of the expiration of these transitional rules will be mitigated through sales of the underlying assets or other measures prior to the expiration of the grandfathering provisions.

This section refers to the capital adequacy of the group of institutions consolidated for banking regulatory purposes pursuant to the CRR and the German Banking Act (“Kreditwesengesetz” or “KWG”). Therein not included are insurance companies or companies outside the finance sector. Our insurance companies are included in an additional capital adequacy (also “solvency margin”) calculation under the German Solvency Regulation for Financial Conglomer- ates. Our solvency margin as a financial conglomerate remains dominated by our banking activities. 47 Deutsche Bank Operating and Financial Review – 3 Non-Financial Key Performance Annual Financial Statements Outlook – 14 Indicators – 96 and Management Report Risk and Opportunities – 21 Information pursuant to Section – 289 (4) of Deutsche Bank AG 2015 Risk Report – 24 of the German Commercial Code and Compensation Report – 51 Explanatory Report – 100 Internal Control over Financial Reporting – 92

Risk-Weighted Assets

The CET 1 minimum capital requirements applicable to the Group increased from 4 % of risk-weighted assets (RWA) in 2014 to 4.5 % of RWA from 2015 onwards. The total capital requirement of 8 % demands further resources that may be met with up to 1.5 % AT1 capital and up to 2 % Tier 2 capital from 2015 onwards.

The risk-weighted assets comprise the total of credit, market and operational risks. In the calculation of the risk- weighted assets the Deutsche Bank uses internal models for all three risk types which were approved by the Bunde- sanstalt für Finanzdienstleistungsaufsicht („BaFin“). We establish a counterparty Credit Valuation Adjustment (“CVA”) for OTC derivative transactions to cover expected credit losses. The adjustment amount is determined by assessing the potential credit exposure to a given counterparty and taking into account any collateral held, the effect of any relevant netting arrangements, expected loss given default and the credit risk, based on available market information, including CDS spreads. Our advanced IRBA coverage ratio, excluding Postbank, exceeded, with 97.0 % by exposure value (“EAD”) as well as with 92.8 % by RWA as of December 31, 2015, the European regulatory requirement, remaining nearly unchanged from the levels at December 31, 2014 (96.5 % EAD and 93 % by RWA), using applicable measures according to Section 11 SolvV. These ratios excluded the exposures permanently assigned to the standardized approach (according to Article 150 CRR), other IRBA exposure as well as securitization positions. The regulatory minimum requirements with regard to the respective coverage ratio thresholds have been met at all times.

Deutsche Bank’s market risk component is a multiple of the value-at-risk figure, which is calculated for regulatory purposes based on our internal and BaFin approved models. Starting with December 31, 2011, the market risk component includes a multiple of the stressed value-at-risk and the value-at-risk, as well as the incremental risk charge and the comprehensive risk measure on the Group’s correlation trading portfolio. All of which are all calculated on the basis of the Group’s BaFin approved internal models. The market risk component also includes securitizations in the trading book outside the correlation trading portfolio measured with the standardized approach according to CRR. Further standard calculation approaches are used for remaining market risk positions.

For operational risk calculations, the Group uses the so-called Advanced Measurement Approach (“AMA”) pursuant to Articles 321 to 324 CRR.

The RWA for CVA covering the risk of mark-to-market losses on the expected counterparty risk in connection with OTC derivative exposures are predominantly calculated on our own internal model as approved by BaFin.

Risk-weighted assets of the Deutsche Bank Group in € m. Dec 31, 2015 Dec 31, 2014 CRR/CRD 4 CRR/CRD 4 Credit risk 242,019 244,128 Settlement risk 9 27 Credit Valuation Adjustment 15,877 21,203 Market risk 49,553 64,209 Operational risk 89,923 67,082 Total risk-weighted assets 397,382 396,648

Regulatory Capital

The total regulatory capital pursuant to the effective regulations as of year-end 2015 comprises Tier 1 and Tier 2 (T2) capital. Tier 1 capital is subdivided into Common Equity Tier 1 (CET 1) capital and Additional Tier 1 (AT1) capital.

Common Equity Tier 1 (CET 1) capital consists primarily of common share capital (reduced by own holdings) including related share premium accounts, retained earnings (including losses for the financial year, if any) and accumulated other comprehensive income, subject to regulatory adjustments (i.e. prudential filters and deductions). Prudential filters for CET 1, according to Articles 32 to 35 CRR, include (i) securitization gain on sale, (ii) cash flow hedges and changes in the value of own liabilities, and (iii) additional value adjustments. CET 1 capital deductions comprise (i) intangible Deutsche Bank 1 – Management Report 48 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

assets, (ii) deferred tax assets that rely on future profitability, (iii) negative amounts resulting from the calculation of expected loss amounts, and (iv) net defined benefit pension fund assets, (v) reciprocal cross holdings in the capital of financial sector entities, (vi) significant and non-significant investments in the capital (CET 1, AT1, T2) of financial sector entities above certain thresholds. All items not deducted (i.e. amounts below the threshold) are subject to risk- weighting.

Additional Tier 1 (AT1) capital consists of AT1 capital instruments and related share premium accounts as well as noncontrolling interests qualifying for inclusion in consolidated AT1, and during the transitional period grandfathered instruments eligible under earlier frameworks. To qualify as AT1 under CRR/CRD 4 instruments must have principal loss absorption through a conversion to common shares or a write-down mechanism allocating losses at a trigger point and must also meet further requirements (perpetual with no incentive to redeem; institution must have full dividend/coupon discretion at all times, etc.).

Tier 2 (T2) capital comprises eligible capital instruments, the related share premium accounts and subordinated long- term debt, certain loan loss provisions and noncontrolling interests that qualify for inclusion in consolidated T2. To qualify as T2 capital instruments or subordinated debt must have an original maturity of at least five years. Moreover, eligible capital instruments may inter alia not contain an incentive to redeem, a right of investors to accelerate repay- ment, or a credit sensitive dividend feature.

Capital instruments that no longer qualify as AT1 or T2 capital under the CRR/CRD 4 fully loaded rules are subject to grandfathering rules during transitional period and are phased out from 2013 to 2022 with their recognition capped at 70 % in 2015 and the cap decreasing by 10 % every year.

Overview of Regulatory Capital, RWA and Capital Ratios according to CRR/CRD 4 in € m. Dec 31, 2015 Dec 31, 2014 CRR/CRD 4 CRR/CRD 4 Common Equity Tier 1 capital before regulatory adjustments 62,042 66,175 Total regulatory adjustments to Common Equity Tier 1 (CET 1) capital (9,613) (6,072) Common Equity Tier 1 (CET 1) capital 52,429 60,103 Additional Tier 1 (AT1) capital before regulatory adjustments 11,157 14,696 Total regulatory adjustments to Additional Tier 1 (AT1) capital (5,365) (10,902) Additional Tier 1 (AT1) capital 5,793 3,794 Tier 1 capital (T1 = CET 1 + AT1) 58,222 63,898 Tier 2 (T2) capital before regulatory adjustments 6,622 4,891 Total regulatory adjustments to Tier 2 (T2) capital (323) (496) Tier 2 (T2) capital 6,299 4,395 Total Regulatory capital (TC = T1 + T2) 64,522 68,293 Total risk-weighted assets 397,382 396,648

Capital ratios Common Equity Tier 1 capital ratio (as a percentage of risk-weighted assets) 13.2 15.2 Tier 1 capital ratio (as a percentage of risk-weighted assets) 14.7 16.1 Total capital ratio (as a percentage of risk-weighted assets) 16.2 17.2

Our CRR/CRD 4 Tier 1 capital as of December 31, 2015 amounted to € 58.2 billion, consisting of a Common Equity Tier 1 (CET 1) capital of € 52.4 billion and Additional Tier 1 (AT1) capital of € 5.8 billion. The CRR/CRD 4 Tier 1 capital was € 5.7 billion lower than at the end of 2014, primarily driven by a decrease in CET 1 capital of € 7.7 billion since year end 2014 while AT1 capital increased by € 2.0 billion in the same period.

The € 7.7 billion decrease of CRR/CRD 4 CET 1 capital was largely the result of the net loss attributable to Deutsche Bank shareholders and additional equity components of € 6.8 billion in 2015. The € 5.8 billion net loss attributable to the impairment of goodwill and other intangible assets in the third quarter of 2015 was to the extent neutral to which goodwill and other intangible assets were deducted from CET 1 and AT1 capital on a phase-in basis before the impairment. The Decision (EU) (2015/4) of the ECB enforces the recognition of the year end loss in CET 1 capital. Deutsche Bank’s revised common share dividend policy refers to the ECB decision as long as the Management Board does not decide and officially announce a different dividend level for the respective year. Following the announcement in 2015 to pay no dividend to common shareholders, no common share dividend has been accrued for 2015. The 49 Deutsche Bank Operating and Financial Review – 3 Non-Financial Key Performance Annual Financial Statements Outlook – 14 Indicators – 96 and Management Report Risk and Opportunities – 21 Information pursuant to Section – 289 (4) of Deutsche Bank AG 2015 Risk Report – 24 of the German Commercial Code and Compensation Report – 51 Explanatory Report – 100 Internal Control over Financial Reporting – 92

decrease in CET 1 capital was furthermore driven by the first-time consideration of additional value adjustments (based on the Regulatory Technical Standard on prudent valuation issued by the EBA) in September 30, 2015. Additional value adjustments amounted to € 1.9 billion as per December 31, 2015. The effect on CRR/CRD 4 CET 1 capital was partly compensated by a benefit from the related reduction of the negative amounts resulting from the calculation of expected loss amounts. Deductions of deferred tax assets increased by € 1.0 billion in 2015 mainly as a result of higher deferred tax assets largely due to the net loss as well as threshold effects under the 10/15 % rule. Overall, regulatory adjustments increased due the higher phase-in rate of 40 % in 2015 compared to 20 % in 2014. CRR/CRD 4 CET 1 capital was positively impacted by Currency Translation Adjustments of € 2.0 billion and further positive foreign exchange effects in 2015.

The € 2.0 billion increase in CRR/CRD 4 AT1 capital was mainly the result of reduced regulatory adjustments (€ 5.5 billion lower than at year end 2014, also impacted by the impairments of goodwill and other intangible assets) that were phased out from AT1 capital. These deductions reflect the residual amount of certain CET 1 deductions that are subtracted from CET 1 capital under fully loaded rules, but are allowed to reduce AT1 capital during the transitional period. The phase-in rate for these deductions on the level of CET 1 capital increased to 40 % in 2015 (20 % in 2014) and decreased correspondingly on the level of AT1 capital to 60 % in 2015 (80 % in 2014). The reduction of regulatory adjustments on the level of AT1 capital over-compensated the decrease in our CRR/CRD 4 AT1 capital instruments of € 3.5 billion (compared to December 31, 2014) that resulted mainly from our redemptions of legacy Hybrid Tier 1 capital instruments.

Our fully loaded CRR/CRD 4 Tier 1 capital as of December 31, 2015 was € 48.7 billion, compared to € 50.7 billion at the end of 2014. Our fully loaded CRR/CRD 4 CET 1 capital amounted to € 44.1 billion as of December 31, 2015, compared to € 46.1 billion as of December 31, 2014. Our fully loaded CRR/CRD 4 Additional Tier 1 capital amounted to € 4.6 billion as per end of December 2015, nearly unchanged compared to year end 2014.

The decrease of our fully loaded CET 1 capital of € 2.0 billion compared to year end 2014 was due to the fact that the negative impacts (net loss of € 6.8 billion, first-time prudent valuation deduction of € 1.9 billion) were partially reduced by positive counter-effects. These constitute predominantly lower deductions of goodwill and other intangible assets mainly due to impairments (€ 4.5 billion lower deduction compared to year end 2014), a reduced deduction of negative amounts from the calculation of expected loss amounts (€ 0.6 billion lower deduction compared to year end 2014 as a consequence of the prudent valuation assessment) and a positive impact from the change of the foreign currency exchange rates since year end 2014.

Internal Capital Adequacy Assessment Process

The lnternal Capital Adequacy Assessment Process (“ICAAP”) requires banks to identify and assess risks, maintain sufficient capital to face these risks and apply appropriate risk-management techniques to maintain adequate capitalization on an ongoing and forward looking basis, i.e., internal capital supply to exceed internal capital demand (figures are described in more detail in the section “Internal Capital Adequacy”).

We, at a Group level, maintain compliance with the lCAAP as required under Pillar 2 of Basel 2 and its local implementation in Germany, the Minimum Requirements for Risk Management (MaRisk), through a Group-wide risk management and governance framework, methodologies, processes and infrastructure.

In line with MaRisk and Basel requirements, the key instruments to help us maintain our adequate capitalization on an ongoing and forward looking basis are:

‒ A strategic planning process which aligns risk strategy and appetite with commercial objectives; ‒ A continuous monitoring process against approved risk, leverage and capital targets set; ‒ Regular risk, leverage and capital reporting to management; and ‒ An economic capital and stress testing framework which also includes specific stress tests to underpin our recovery monitoring processes. Deutsche Bank 1 – Management Report 50 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

Internal Capital Adequacy

As the primary measure of our Internal Capital Adequacy Assessment Process (ICAAP) we assess our internal capital adequacy based on our “gone concern approach” as the ratio of our total capital supply divided by our total capital demand as shown in the table below. Our capital supply definition has been further aligned with the CRR/CRD 4 capital framework. Additional valuation adjustments, expected loss shortfall, home loans and savings protection and holdings of own capital instruments are now deducted from Pillar 2 capital supply. The prior year information has been revised accordingly. in € m. (unless stated otherwise) Dec 31, 2015 Dec 31, 2014 Capital supply Shareholders' equity 62,678 68,351 Fair value gains on own debt and debt valuation adjustments, subject to own credit risk1 (407) (544) Defined benefit pension fund assets2 (1,173) (961) Deferred tax assets (7,762) (6,865) Additional valuation adjustments (1,877) 0 Expected Loss Shortfall (106) (712) Home loans and savings protection (291) (345) Holdings of own capital instruments (62) (54) Fair Value adjustments for financial assets reclassified to loans3 (147) 0 Noncontrolling Interests4 0 0 Hybrid Tier 1 capital instruments 11,962 16,158 Tier 2 capital instruments 8,016 6,620 Capital supply 70,832 81,648

Capital demand Total economic capital requirement 38,442 31,866 Credit risk 13,685 12,885 Market risk 17,436 14,852 Operational risk 10,243 7,598 Business risk 5,931 3,084 Diversification benefit (8,852) (6,554) Intangible assets 10,078 14,951 Capital demand 48,520 46,817

Internal capital adequacy ratio 146 % 174 % 1 Includes deduction of fair value gains on own credit-effect relating to own liabilities designated under the fair value option as well as the debt valuation adjustments. 2 Reported as net assets (assets minus liabilities) of a defined pension fund, i.e. applicable for overfunded pension plans. 3 As applied in the regulatory capital section. 4 Includes fair value adjustments for assets reclassified in accordance with IAS 39 and for banking book assets where no matched funding is available. A positive adjustment is not considered.

A ratio of more than 100 % signifies that the total capital supply is sufficient to cover the capital demand determined by the risk positions. This ratio was 146 % as of December 31, 2015, compared with 174 % as of December 31, 2014. The change of the ratio was driven by a decrease in capital supply and a higher economic capital usage. Shareholders’ equity decreased by € 5.7 billion mainly driven by goodwill impairments. Hybrid Tier 1 capital instruments decreased by € 4.2 billion mainly driven by called capital instruments. Tier 2 capital instruments increased by 1.4 billion mainly due to the issuance of new instruments. Further details are explained in the section “Regulatory Capital”. The increase in capital demand was driven by higher economic capital requirement as explained in the section “Risk Profile”, partly offset by a decrease in intangible assets due to goodwill impairments as explained in the section “Goodwill and Other Intangible Assets”.

The above capital adequacy measures apply to the consolidated Group as a whole (including Postbank) and form an integral part of our Risk and Capital Management framework. 51 Deutsche Bank Operating and Financial Review – 3 Non-Financial Key Performance Annual Financial Statements Outlook – 14 Indicators – 96 and Management Report Risk and Opportunities – 21 Information pursuant to Section – 289 (4) of Deutsche Bank AG 2015 Risk Report – 24 of the German Commercial Code and Compensation Report – 51 Explanatory Report – 100 Internal Control over Financial Reporting – 92

Compensation Report

The Compensation Report provides information on the principles and the amount of the compensation of the Manage- ment Board and Supervisory Board members of Deutsche Bank AG. It complies with the requirements of Sec- tion 285 No. 9 of the German Commercial Code (HGB), the German Accounting Standard No. 17 “Reporting on Executive Body Remuneration, the German regulation on the supervisory requirements for compensation systems of banks (Instituts-Vergütungsverordnung) as well as the recommendations of the German Corporate Governance Code.

Introduction

The 2015 Compensation Report provides detailed qualitative and quantitative compensation information with regard to the overall Deutsche Bank Group (except for Deutsche Postbank AG, who provides disclosures separately). Further- more, it contains disclosures specific to the Management Board members and employees identified as Material Risk Takers (MRTs) in accordance with the German regulation on the supervisory requirements for compensation systems of banks (Institutsvergütungsverordnung, “InstVV”).

The report comprises the following sections:

‒ Group compensation overview and disclosure ‒ Management Board report and disclosure ‒ Supervisory Board report and disclosure

The report complies with the requirements of Section 314 (1) No. 6 of the German Commercial Code (Handelsgesetz- buch, “HGB”), the German Accounting Standard No. 17 “Reporting on Executive Body Remuneration”, CRR, InstVV, and the recommendations of the German Corporate Governance Code.

Group Compensation and Disclosure

Executive Summary

Year 2015 was strongly influenced by the launch of Strategy 2020 and the impact on the Bank’s financial results of extraordinary items, foremost the impairment of goodwill.

The Bank’s compensation decisions for 2015 had to carefully balance the loss reported for the 2015 against the positive revenue developments and the overall capital position. In light of these considerations, the Management Board decided to grant Variable Compensation (VC) in the amount of € 2.4 billion to its employees. Applying the foreign exchange rates used for the 2015 VC pool to the 2014 VC pool, this represents a decrease compared to 2014 by approximately 17 %.

The Bank remains committed to align compensation with the long-term performance of the institution. Against this background, the proportion of VC which will be paid or delivered at a later stage remains high at 49 % (including equity upfront compensation elements). To further underpin this alignment, 33 % was awarded in shares. For Material Risk Takers (MRTs), the proportion subject to a payment or delivery at a later stage amounted to 88 %.

In light of the negative result for 2015, the VC for 2015 was also granted with a view to ensuring stability of the franchise and with the expectation of a positive and sustainable development over the next years. Against this background, it was important to the Bank that this expectation is also reflected in the structure of the VC. The Bank therefore de- Deutsche Bank 1 – Management Report 52 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

cided to take additional steps towards an alignment between VC and a sustainable performance by increasing the minimum deferral period for the deferred compensation elements from three to four years for all employees receiving deferred compensation elements. Additionally, the retention period for equity upfront compensation elements for MRTs was increased to one year. These measures are accompanied by the introduction of strengthened methods for an ex post risk adjustment of VC which allow for a subsequent decrease or complete elimination of VC.

With the aim to ensure that the Bank’s approach to compensation remains aligned to its multi-year objectives under Strategy 2020, the Bank has also implemented a new compensation structure for 2016 onwards (the New Compensa- tion Framework). This new structure places stronger emphasis on fixed compensation as well as a closer and more transparent link between the overall Group performance and individual VC decisions.

Compensation Strategy

Compensation plays an integral role in the successful delivery of Deutsche Bank’s strategic objectives. The Group Compensation Strategy is predicated on supporting a global, client-centric banking model with safe and sound compensation practices that operate within the Bank’s capital, liquidity and risk-bearing capacity, and in alignment with the Bank’s strategic objectives and its stated values and beliefs.

Five key objectives of our compensation practices Core remuneration principles

– To support the delivery of Deutsche Bank’s client- – Align compensation to shareholder focused, global bank strategy by attracting and interests and sustained firm-wide retaining talent across the range of diverse business profitability, taking account of risk models and across numerous country locations and the cost of capital – To support the long-term performance of the Bank, – Maximize sustainable employee and the sustainable development of the institution and the firm performance risk strategies that derive from this – Attract and retaining the best talent – To support long-term performance that is predicated – Calibrate compensation to different on cost discipline and efficiency divisions and levels of responsibility – To ensure that the Bank’s compensation practices are – Apply a simple and transparent safe in terms of risk-adjusting performance outcomes, compensation design preventing inappropriate risk taking, ensuring compatibility with capital and liquidity planning and – Ensure compliance with regulatory complying with regulation requirements – To underscore the Bank’s stated values of integrity, sustainable performance, client centricity, innovation, discipline and partnership

The Group Compensation Policy is an internal document focused on informing and educating employees with regard to the Bank’s compensation strategy, governance processes as well as compensation practices and structures. Together, the Group Compensation Strategy and the Group Compensation Policy provide a clear and demonstrable link between compensation practices and the wider Group strategy. Both documents have been published on the Bank’s intranet site and are available to all employees.

Regulatory Compliance

Ensuring compliance with regulatory requirements is an overriding consideration in the Bank’s Group Compensation Strategy. The Bank has strived to be at the forefront of compensation regulatory changes and will continue to work with its prudential supervisor, the European Central Bank (ECB), to be in compliance with all existing and new requirements. 53 Deutsche Bank Operating and Financial Review – 3 Non-Financial Key Performance Annual Financial Statements Outlook – 14 Indicators – 96 and Management Report Risk and Opportunities – 21 Information pursuant to Section – 289 (4) of Deutsche Bank AG 2015 Risk Report – 24 of the German Commercial Code and Compensation Report – 51 Explanatory Report – 100 Internal Control over Financial Reporting – 92

As an EU-headquartered institution, Deutsche Bank is subject to the CRD 4 requirements, as translated into German national law in the German Banking Act and InstVV, globally. The Bank adopted the rules for all subsidiaries and branches globally to the extent required in accordance with Sec. 27 InstVV. The Bank also identifies all employees whose work is deemed to have a material impact on the overall risk profile (“Material Risk Takers” or “MRTs”) in accordance with the InstVV. MRTs are identified on a Group level and also on a single legal entity level for significant institutions in the meaning of Sec. 17 InstVV.

Pursuant to CRD 4 and the requirements subsequently adopted in the German Banking Act, the Bank is subject to a ratio of 1:1 with regard to fixed to variable components, provided that the shareholders may approve an increase to 1:2. At the Bank’s Annual General Meeting on May 22, 2014, and in accordance with Sec. 25a (5) German Banking Act, shareholder approval was granted to increase the ratio to 1:2. To emphasize the fixed compensation component in respect of remuneration for control functions employees, the Management Board has determined that individuals within the independent control functions are subject to a 1:1 ratio.

As a result of sector specific legislation and in accordance with the InstVV, certain Asset & Wealth Management subsidiaries specifically managing alternative investments are governed under the Alternative Investments Fund Managers Directive (“AIFMD”). AIFMD contains provisions on remuneration which outline the rules that Alternative Investment Fund Managers (“AIFMs”) have to comply with when establishing and applying the remuneration policies for certain categories of their employees. AIFMD Material Risk Takers are to be identified at the AIFM level. One notable difference to CRD 4 and its implementation in German law is that AIFMD Material Risk Takers are not subject to the fixed to variable ratio stipulated in CRD 4. The Bank also identifies AIMFD Material Risk Takers for Alternative Investment Fund Managers in accordance with AIFMD. The Bank applies the remuneration provisions for InstVV MRTs also to AIFMD MRTs except for the 1:2 ratio with regard to fixed to variable components.

The Bank will continue to closely monitor the regulatory environment. Major regulatory developments for 2016 include the adoption of the Undertakings for Collective Investments in Transferable Securities (“UCITS”) Directive and the expected revision of the InstVV in light of the publication of the “Guidelines on sound remuneration policies” by the European Banking Authority in December 2015.

Total Compensation Structure

As part of the Compensation Strategy, the Bank employs a Total Compensation philosophy, which comprises Fixed Pay (FP) and Variable Compensation (VC). Element Description Fixed Pay (FP) FP is used to compensate employees for their skills, experience and competencies, commen- surate with the requirements, size and scope of their role. For the majority of Deutsche Bank employees, FP is the primary compensation component, and the share of fixed compensation within Total Compensation is far greater than 50 %. This is appropriate to many businesses and will continue to be a significant feature of Total Compensation going forward.

As part of their fixed compensation, a limited number of employees receives an Additional Fixed Pay Supplement (AFPS). The AFPS was introduced primarily for benefits and pensions cost management purposes. Variable Compensa- VC is predicated on the industry objective of retaining cost flexibility while attracting and retain- tion (VC) ing the right talent. VC also has the advantage of being able to differentiate performance outcomes and drive behaviors through appropriate incentive systems that can also positively influence culture. As a result, VC is a key feature of market practice compensation in many business lines in the banking environment globally. Combined with FP, this drives Total Com- pensation outcomes that are cost effective, flexible and aligned to performance. Benefits&Pensions In accordance with the respective local market practice, requirements and demands, the Bank also grants benefits (including company pension schemes) that are linked to employment with the Bank, to certain seniority or to certain length of service but that have no direct link to performance. Deutsche Bank 1 – Management Report 54 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

Compensation approach for 2016 onwards: Outlook on the New Compensation Framework

One of the main objectives of Strategy 2020 is to align reward more closely with performance and conduct. In order to achieve this goal, the Bank has assessed its compensation approach over the course of 2015 and, in 2016, has started putting in place a New Compensation Framework that is designed to align pay more closely with sustainable performance at all levels of the Bank by rebalancing fixed and variable remuneration elements and providing for a closer link between VC and the Bank-wide performance. The New Compensation Framework provides guidance on the target proportion of fixed to variable compensation elements by seniority and by division or function.

In addition, variable remuneration from 2016 onwards is intended to include two components. The first, the group component, reflects the performance of Deutsche Bank, tying individual Total Compensation more closely to the Bank’s performance and recognizing the contribution of every single employee to the Bank’s results. The second, the individual component, is more discretionary and recognises individual performance in the context of divisional performance.

Compensation Governance

In accordance with the German two-tier board structure, the Supervisory Board governs the compensation of the Man- agement Board members while the Management Board oversees compensation matters for all other employees in the Group. Both the Supervisory Board and the Management Board are supported by specific committees and functions in accordance with InstVV.

Our robust governance structure enables us to operate within the clear parameters of our Compensation Strategy and Compensation Policy. All compensation matters, and overall compliance with regulatory requirements, are overseen by the key committees that form the global Reward Governance Structure.

Reward Governance Structure (based on Sec. 25d (12) German Banking Act and InstVV)

Supervisory Board1

Chairman’s Audit Risk Nomination Integrity Compensation Committee Committee Committee Committee Committee Control Committee (Vergütungskontroll- ausschuss)

Support & Information

Management Board Compensation Officer (Vergütungsbeauftragter) Information & Reporting Senior Executive Compensation Committee Monitoring Information (SECC)1,2

Monitoring

1 Optional: Independent external consultants 2 The relevant tasks are performed by the SECC on behalf of the Management Board 55 Deutsche Bank Operating and Financial Review – 3 Non-Financial Key Performance Annual Financial Statements Outlook – 14 Indicators – 96 and Management Report Risk and Opportunities – 21 Information pursuant to Section – 289 (4) of Deutsche Bank AG 2015 Risk Report – 24 of the German Commercial Code and Compensation Report – 51 Explanatory Report – 100 Internal Control over Financial Reporting – 92

Compensation Control Committee

The Compensation Control Committee (CCC) was established by the Supervisory Board in accordance with Sec. 25d (12) German Banking Act. It consists of the Chairperson of the Supervisory Board and three further Supervisory Board Members, two from among the employee representatives, and had 10 meetings in the calendar year 2015, two of them being joint meetings with the Risk Committee.

The responsibilities of the CCC includes supporting the Supervisory Board in establishing and monitoring the appropriate structure of the compensation system for the Management Board Members of Deutsche Bank AG, considering, in particular, the effects on the risks and risk management in accordance with the InstVV. Furthermore, the CCC monitors the appropriate structure of the compensation system for the employees, as established by the Management Board and the Senior Executive Compensation Committee. The CCC checks regularly whether the total amount of VC is appropriate and set in accordance with the InstVV.

The CCC also assesses the impact of the compensation systems on the management of risk, capital and liquidity and seeks to ensure that the compensation systems are aligned to the business and risk strategies. Furthermore, the CCC supports the Supervisory Board in monitoring whether the internal controls and the other relevant areas are properly involved in the structuring of the compensation systems.

Compensation Officer

In accordance with Sec. 23 InstVV, the Management Board, in cooperation with the CCC, has appointed a Compensa- tion Officer. The Compensation Officer supports the Supervisory Board and the CCC in performing their duties relating to all compensation systems and cooperates closely with the Chairperson of the CCC. The Compensation Officer is involved in the conceptual review, development, monitoring and the application of the employee’s compensation systems on an ongoing basis.

The Compensation Officer performs his monitoring obligations independently and provides an assessment on the appropriateness of the design and practices of the compensation systems for employees to the Management Board, the Supervisory Board and the CCC at least annually.

Senior Executive Compensation Committee

The Senior Executive Compensation Committee (SECC) is a delegated committee established by the Management Board which has the mandate to develop sustainable compensation principles, to prepare recommendations on Total Compensation levels and to ensure appropriate compensation governance and oversight. In accordance with its mandate the SECC establishes compensation strategy, policy and guiding principles and coordinates compensation decisions. The SECC establishes quantitative and qualitative factors to assess performance as a basis for compensation related decisions and makes appropriate recommendations to the Management Board regarding the annual VC pool and its allocation across the business divisions and infrastructure functions. Additional committees, as delegated bodies of the SECC, are an integral part of the overall governance structure; the inclusion of these committees is designed to ensure that diversified expertise from multiple stakeholders is taken into consideration when making compensation decisions and applying compensation practices.

In order to maintain its independence, only employees from control functions who are not aligned to any of our business divisions are members of the SECC. During 2015, the SECC saw a number of membership changes, in line with the membership changes of the Management Board. From November 2015, the SECC comprises the Chief Admini- stration Officer and the Chief Financial Officer, both of whom are also Members of the Management Board, as Co- Chairpersons, as well as the Chief Risk Officer (also a Management Board Member), the Global Head of Human Re- sources and an additional Finance representative as Voting Members. The Compensation Officer, the Deputy Com- pensation Officer and the Global Head of Reward are Non-Voting Members. The SECC generally meets on a monthly basis and it had 21 meetings with regard to the performance year 2015 compensation process. Deutsche Bank 1 – Management Report 56 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

Determination of Variable Compensation – Methodology

The Bank has a robust methodology in place to ensure that the determination of VC reflects risk-adjusted performance as well as the capital position of the Bank and its divisions. The ultimate Group VC pool is primarily driven by (i) Group affordability (i.e. what “can” the Bank award in alignment with regulatory requirements) and (ii) Group strategy (what “should” the Bank award in order to provide an appropriate compensation while protecting the long-term health of the franchise).

Parameter Description Group Group affordability is assessed, as a first step, to determine if the Bank is in a position to award VC affordability and still meet the liquidity and capital requirements. Group affordability is the overriding consideration of the VC pool decisions. The metrics used are linked to the Bank’s Risk Appetite Framework and include, but are not limited to, Common Equity Tier 1 Ratio (CET 1 Ratio), Economic Capital Adequacy Ratio, Leverage Ratio, Stressed Net Liquidity and Basel III Liquidity Coverage Ratio, as well as to the Bank’s “negative results test” (which was first defined for the 2015 performance year). Risk-adjusted Having assessed Group affordability, risk-adjusted performance is the starting point of VC pool performance determination. The Bank uses economic capital (EC) scaled to align with the Bank’s forward looking unexpected losses to risk-adjust the VC pools across the divisions. The EC model is the Bank’s primary method for calculating the degree of future potential risk to which the Bank may be exposed and measures the amount of capital that the Bank would need in order to absorb very severe unexpected losses arising from the Bank’s exposures. The risk adjustment takes into account credit, market, operational and business risk. The EC charge increases in case of an increase of the risk profile of the Bank, thereby reducing Bank-wide economic profitability and, by extension, the amount of VC awarded. As part of the range of considerations, the SECC compares and contrasts the view of actual performance through this formulaic VC pool calculation with a view of VC pools aligned with underlying performance and other factors such as: ‒ Group & Divisional Key Performance Indicators (KPIs): Both Group and divisional scorecards, which consolidate a consistent set of financial and non-financial KPIs, provided by control functions, are used to assess performance against targets. ‒ Qualitative risk and regulatory assessments: The VC pool decision must be sustain-able and, as such, items such as new regulatory matters and pending litigation, overdue audit findings and Risk Red Flag scores are key considerations in the VC determination process. ‒ Relative performance: Both Group and divisional performance is assessed in the context of performance vis-á-vis defined peers. ‒ Market position and trends: Environmental factors, market data and market trends, including benchmarking data on various elements of compensation, as well as infor-mation on developing pay practices, are used to support fair, competitive and cost-effective compensation decisions. ‒ Infrastructure pools: Infrastructure VC pools are not dependent on the performance of the division(s) they oversee, but are aligned with divisional or functional bonus builds and overall Group affordability. As stated above, performance against key strategic infrastructure indicators is also carefully considered. ‒ Payout Rates: Appropriate payout rates are applied to each business division with reference to historical payout rates and market context. Ultimate VC pool The SECC recommends the derived Group VC pool to the Management Board for formal ratifica- decision tion. Taking all the factors into account, in careful assessment of additional considerations discretion may also be exercised, for example where strategic investments require time to contribute to performance, where one-off business or market dynamics are expected to reverse or in the context of relevant strategic factors, especially under employee retention and franchise protection or strengthening considerations. After ratification, the Compensation Control Committee is formally notified. 57 Deutsche Bank Operating and Financial Review – 3 Non-Financial Key Performance Annual Financial Statements Outlook – 14 Indicators – 96 and Management Report Risk and Opportunities – 21 Information pursuant to Section – 289 (4) of Deutsche Bank AG 2015 Risk Report – 24 of the German Commercial Code and Compensation Report – 51 Explanatory Report – 100 Internal Control over Financial Reporting – 92

Consideration of Individual Performance

While individual VC decisions are discretionary, all decisions must be performance-based and linked to a number of factors, including, but not limited to, risk-adjusted Group, divisional and individual performance as well as retention considerations and behavioral aspects. Managers, when exercising discretion, must fully understand both the absolute and relative risk-taking activities of individuals to ensure that VC allocations are balanced and risk-taking is not inappropriately incentivized.

This applies, in particular, to managers of MRTs who are required to attest that they have thoroughly reviewed and considered all of the relevant financial, non-financial and risk metrics when determining individual compensation. In addition, narrative commentary is also required to articulate how the compensation parameters (both quantitative and qualitative) and the individual’s performance and behavioral factors have influenced the ultimate compensation decision. Inputs (both positive and negative) from internal control functions were collected on MRTs and provided to managers. These inputs were intended to ensure an appropriate impact on decisions with regard to the employees’ performance assessment, promotion potential and VC.

Variable Compensation for 2015

Achieving a sustainable balance between shareholder and employee interests is a key aspect of Strategy 2020. For 2015, the Bank’s compensation decisions had to carefully balance Deutsche Bank’s reported a loss for 2015 against the Bank’s positive revenue developments and overall capital position as well as its franchise protection considerations.

The SECC has monitored the affordability of VC throughout 2015. In assessing the affordability of the Bank’s proposed 2015 VC pool, the SECC has concluded that, although the Bank has had an overall negative result (negative result test), the Bank’s capital and liquidity positions remain above regulatory minimum requirements and that the significant impairment charges taken in 3Q 2015 have only had a marginal impact on the Bank’s fully loaded CET 1 ratio and therefore affordability parameters are met. The Bank’s 2015 financial statements and plans for the financial years 2016 and 2017 exceed both internal risk appetite metrics and expected regulatory minimum requirements.

Under consideration of underlying risk-adjusted financial performance, the Management Board confirmed a Group VC pool to be granted in March 2016 of € 2.4 billion. Applying the foreign exchange rates used for the 2015 VC pool to the 2014 VC pool, this represents a decrease compared to 2014 by approximately 17 %. The decision to grant and communicate VC for the performance year 2015 in March 2016, rather than in February as in previous years was made in order to allow for more time to assess the full year performance, and only then to finalize compensation decisions.

While the pool determination had to factor in the negative results and the overall shareholder return, it also had to take into account that the revenues were solid and that the negative results for 2015 are mainly driven by extraordinary items not stemming from the divisions’ performance in 2015.

Furthermore, a more significant reduction would have jeopardized the implementation of Strategy 2020 as it would have compromised the Bank’s ability to attract and retain talent. The Bank’s employees are the key factor in achieving the goals of Strategy 2020. In order to sustain the momentum that has been built up over the last months it is essential that the employees are rewarded adequately.

As part of their VC for the performance year 2015, select employees who are critical for the Bank and the targeted achievements of Strategy 2020 received a Key Position Award (KPA). Whilst the amount of KPAs granted to these individuals reflects the individual performance for 2015, it was especially important to employ specific structural elements to the KPA which allow for an even stronger link to the long-term sustainable performance of the Bank. In order to achieve this stronger link, the KPA is granted completely in Deutsche Bank shares with a deferral period of four years without pro-rata vesting (“cliff-vesting”) as well as an additional retention period of one year. All these structural elements exceed the current corresponding regulatory requirements of payment in instruments, deferral period and retention period. Deutsche Bank 1 – Management Report 58 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

Furthermore, a certain proportion of the individual’s KPA is subject to an additional share price hurdle, meaning this award proportion only vests in the event that the Bank’s share price reaches a certain share target price. This additional hurdle aims to link the Variable Compensation for 2015 even more closely to the future performance of the Bank and the targeted achievements of the Bank’s Strategy 2020. It also underpins the Bank’s expectation of a continued strong performance for the next years by the individuals receiving this award.

Variable Compensation and deferral rates in € bn. in % 5 100

4.3 4 80 3.6 (17)% 3.2 3.2 3 2.2 61% 0.2 2.9 (0.5) 60 1.4 2.7 52% 2.4 49% 49% 49% 1.7 47% 1.6 2 1.3 40 1.2

1 2.1 2.2 20 1.5 1.6 1.4 1.2

0 0 2010 2011 2012 2013 2014 FX1 2014 Reduction3 2015 (FX adjusted)2 Cash Deferred Deferral rate in % (i.e. the proportion of the total Variable Compensation that is delivered in deferred awards) 1FX effects by recalculating the 2014 VC figures using the FX rates applied for 2015 VC 2 2014 VC figures recalculated by using the FX rates applied for 2015 VC 3 FX adjusted decrease in VC year-on-year (2015 versus 2014)

2015 2014 in € m. (unless stated otherwise) CB&S GTB Deutsche AWM PBC NCOU Group Total Group Total Total Compensation1 4,751 1,025 1,646 2,924 182 10,528 10,020 thereof: Fixed Pay 3,298 810 1,178 2,692 144 8,122 7,313 Variable Compensation 1,453 215 468 232 38 2,406 2,707 # of employees (full-time equivalent) at period end 28,280 10,791 11,299 49,196 1,538 101,104 98,138 1 Total Compensation defined as FP for 2015 plus VC granted in March 2016. As in previous years, variable remuneration granted by Deutsche Postbank AG is not included in the above variable amount. For Deutsche Postbank AG, a total amount of variable remuneration of € 38 million is envisaged (2014: € 40 million). All figures in the table include the allocation of Infrastructure and Regional Management related compensation and number of employees according to our established cost allocation key. The table may contain marginal rounding differences.

Recognition and Amortization of Variable Compensation Granted

As of December 31, 2015, including awards granted in early March 2016, unamortized deferred VC expenses amount to approximately € 2.0 billion. The following graph visualizes the amount of VC recognized on the balance sheet for 2015 and the projected future amortization of outstanding VC over the next financial years (future grants and forfeitures excluded). 59 Deutsche Bank Operating and Financial Review – 3 Non-Financial Key Performance Annual Financial Statements Outlook – 14 Indicators – 96 and Management Report Risk and Opportunities – 21 Information pursuant to Section – 289 (4) of Deutsche Bank AG 2015 Risk Report – 24 of the German Commercial Code and Compensation Report – 51 Explanatory Report – 100 Internal Control over Financial Reporting – 92

Variable Compensation Recognition as of December 31, 2015 and projected amortization of deferred compensation granted in € bn.

3.3 Projected amortization (excluding future grants and forfeitures)

1.2

2.0 1.0

*thereof € 1.1 bn 0.5 recognized as other liability 1.2 0.5 0.5 2.1* *thereof € 1.0 bn 0.3 0.3 recognized in equity 0.2 0.8 0.2 0.2 0.1

Recognized Not yet 2016 2017 2018 2019 – 2020 on balance sheet recognized on as of Dec 31, 2015 balance sheet as of Dec 31, 2015

Cash portion of variable compensation granted for performance year 2015 recognized as part of other liabilities. Deferred variable compensation granted for performance year 2015. Deferred variable compensation granted for performance years earlier than 2014. Of the VC for 2015, € 1.2 billion are charged to the income statement for 2015 and € 1.2 billion will be charged to future years. In addition, the income statement for 2015 was charged with a VC of € 1.4 billion stemming from prior years’ deferrals.

Reconciliation between Variable Compensation and P&L charge in € bn

2.8 2.7 2.6 2.4

1.4 1.5 1.2 1.2 1.4 1.4

1.3 1.2 1.2 1.3

2014 2015 Deferred Amortization 2015 2014 awards (charged of prior years’ Variable compensation in future periods) deferrals Income statement charge awarded for the respective for variable compensation performance year for the respective year

Amortization of prior years’ deferrals Deferred awards (charged in future periods) Cash bonus (charged in respective period) Deutsche Bank 1 – Management Report 60 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

Variable Compensation Structure and Vehicles

VC has been used by the Bank for many years to incentivize, reward and retain strong performing employees and thereby differentiate Total Compensation outcomes.

The compensation structures are designed not to provide incentives for excessive risk-taking. Against this background, the Bank chose to go beyond the regulatory requirements as in previous years, aligning the VC of an even broader group of employees to the long-term performance of the Bank. Furthermore, MRTs are on average subject to deferral rates in excess of the minimum 40 % - 60 % regulatory requirements. Additionally, the Bank has decided to increase the minimum deferral period for all employees receiving deferred VC to four years. These compensation structures aim to ensure that the alignment of the VC to the sustainable performance of the Group increases with the level of responsibility and the overall compensation.

Employee Group Description Impact on Variable Compensation Material Risk Takers The Bank identifies all employees whose At least 40 %-60 % of the VC is deferred for work is deemed to have a material impact on four years on a pro rata vesting schedule. All the overall risk profile in accordance with the MRTs receive 50 % in restricted equity and InstVV. InstVV MRTs are identified for the 50 % in restricted cash. In addition, 50 % of whole Group on a Group level but also on a the upfront VC award is also awarded in single legal entity level for the significant equity. 100 % of any VC above € 500,000 is institutions in the meaning of Sec. 17 InstVV. fully deferred. Furthermore, employees with a In addition to Deutsche Bank AG, 18 other FP in excess of € 500,000 are subject to a legal entities in Deut-sche Bank Group (excl. 100 % VC deferral. Postbank) fall under the criteria of Sec. 17 InstVV and are therefore deemed to In accordance with respective guidance be significant. provided by the BaFin, these requirements do not apply for MRTs whose VC is less than € 50,000. Senior Management As the significant influencers and stewards of To further align the compensation of this Group (“SMG”) the Bank’s long-term health and perform- group with the long-term, sustained performance, it is prudent that the majority of their ance of the Bank, the deferred equity awards compensation should be linked to the long- are subject to a combined deferral and reten- term development and success of the Group. tion period of five years (“cliff-vesting”). All members of the Senior Management Group are MRTs. All other employees All employees are subject to the Bank’s The deferral threshold is set at € 100,000 deferral matrix. The deferral matrix continues above which at least 50 % of any VC was to be geared towards protecting lower earn- deferred. 50 % of the deferred VC is received ers, whilst ensuring an appropriate amount of in restricted cash and 50 % in restricted deferral for higher earners. equity.

The overall benefits of deferred awards and the positive aspects from a retention and risk management perspective must also be carefully balanced with the management of compensation costs for future years and the implications of increasing levels of deferral. Reflecting what the Bank deems to be an appropriate balance, 49 % of the overall Group VC pool for 2015 is paid or delivered later than March 2016. 61 Deutsche Bank Operating and Financial Review – 3 Non-Financial Key Performance Annual Financial Statements Outlook – 14 Indicators – 96 and Management Report Risk and Opportunities – 21 Information pursuant to Section – 289 (4) of Deutsche Bank AG 2015 Risk Report – 24 of the German Commercial Code and Compensation Report – 51 Explanatory Report – 100 Internal Control over Financial Reporting – 92

Overview on Award Types

Award Type Description Beneficiaries Deferral Period Retention Proportion 1 Period

Cash Bonus Upfront cash proportion All employees2 N/A N/A 50 % of upfront (non- deferred) compensation for InstVV MRTs 100% of upfront (non- deferred) compensation for all other employees

Equity Upfront Upfront equity proportion; The value of the All MRTs2 with N/A 12 months 50 % of upfront (non- Award (“EUA”) EUA is linked to the Bank’s share price and VC ≥ € 50,000 (increased from deferred) compensation is therefore tied to the long-term sustained 6 months in for MRTs performance of the Bank 2014)

Restricted Non-equity based portion (deferred cash All employees Pro rata vesting over four N/A 50 % of deferred com- Incentive Award compensation) with deferred VC years (increased from pensation (“RIA”) 3 three years in 2014)

Restricted Deferred equity portion; The value of the All employees Pro rata vesting over four 6 months for 50 % of deferred com- Equity Award REA is linked to the Bank’s share price with deferred VC years (increased from MRTs pensation (“REA”) 4 over the vesting and retention period and is three years in 2014); therefore tied to the long-term sustained Cliff-vesting after 4.5 performance of the Bank years for SMG

Key Position Specific deferred equity award for selected Selected Cliff-vesting after four 1 year N/A Award (“KPA”) employees who are deemed to be key employees years contributors in the achievement of Strategy 2020 1 All equity awards for MRTs are subject to a retention period upon the vesting of each tranche during which time employees are not permitted to sell their shares. 2 Employees with a Fixed Pay of more than € 500,000 are subject to a 100 % VC deferral and receive no upfront VC. 3 A limited number of senior employees/MRTs in our Deutsche AWM division received a portion of their deferred award in the form of an Employee Investment Plan (EIP) Award. These are cash settled awards based on the value of funds managed by the business. Deferral and forfeiture provisions under the EIP remain the same as all other awards. These employees still receive 50 % of their deferred award in equity (as a REA) as required by regulation. 4 Employees in the Private Client Services (“PCS”) business of Deutsche AWM receive a PCS award instead of REA. Deutsche Bank 1 – Management Report 62 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

Overview on 2015 Deferral Schedule

2016 2017 2018 2019 2020 2021

Award Type Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar

Senior Cash Pay- Management Bonus ment Group Deliv- EUA Vesting ery 1/4 1/4 1/4 1/4 Vesting Vesting Vesting Vesting RIA & & & & Pay- Pay- Pay- Pay- ment ment ment ment

Cliff- Deliv- REA Vesting ery

Cliff- Deliv- KPA Vesting ery

All other Cash Pay- Material Risk Bonus ment Takers Deliv- EUA Vesting ery 1/4 1/4 1/4 1/4 Vesting Vesting Vesting Vesting RIA & & & & Pay- Pay- Pay- Pay- ment ment ment ment

1/4 Deliv- 1/4 Deliv- 1/4 Deliv- 1/4 Deliv- REA Vesting ery Vesting ery Vesting ery Vesting ery

Cliff- Deliv- KPA Vesting ery

All other Cash Pay- employees Bonus ment 1/4 1/4 1/4 1/4 Vesting Vesting Vesting Vesting RIA & & & & Pay- Pay- Pay- Pay- ment ment ment ment 1/4 1/4 1/4 1/4 Vesting Vesting Vesting Vesting REA & & & & Deliv- Deliv- Deliv- Deliv- ery ery ery ery

Cliff- Deliv- KPA Vesting ery

Ex post Risk Adjustment of Variable Compensation

Performance conditions and forfeiture provisions are key elements of the Bank’s deferred compensation structures and support the alignment of awards with future conduct and performance while also allowing for an appropriate back- testing of the initial performance assessment. As illustrated by the statistics in this report, the percentage of VC awards subject to deferral, and therefore performance conditions and forfeiture provisions, increases in line with Total Com- pensation. In conjunction with the scope of the risk adjustment measures, the duration for which they are applicable is equally important and is reflected in the application of such conditions up to the settlement of awards.

The VC decisions for 2015 were accompanied by the decision to increase the ability to apply measures for an appropriate ex post risk adjustment. Increasing the minimum deferral period to four years allows for the application of an ex post risk adjustment for a longer timeframe. Additionally, to underpin the importance of an appropriate ex post risk adjustment, the Bank reviewed and chose to further strengthen its performance conditions and forfeiture provisions. 63 Deutsche Bank Operating and Financial Review – 3 Non-Financial Key Performance Annual Financial Statements Outlook – 14 Indicators – 96 and Management Report Risk and Opportunities – 21 Information pursuant to Section – 289 (4) of Deutsche Bank AG 2015 Risk Report – 24 of the German Commercial Code and Compensation Report – 51 Explanatory Report – 100 Internal Control over Financial Reporting – 92

Overview on Performance Conditions and Forfeiture Provisions of Variable Compensation for 2015

Performance Description Material Risk Takers Other employees with Conditions and Deferred Awards Forfeiture Provisions EUA REA/ RIA REA/ RIA KPA KPA

Group’s Com- If at the quarter end prior to vesting or settlement the Group’s CET 1 Whole All unde All unde- mon Equity Tier ratio is below a certain threshold undelivered livered 1 capital ratio livered tranches tranches performance award will be will be condition will be forfeited forfeited forfeited

Negative Group If, in any financial year during the vesting period, the Management Next Next Next IBIT perfor- Board determines that prior to delivery Group Income before Income tranche tranche tranche mance condition Taxes (IBIT) is negative due for due for due for delivery delivery delivery will be will be will be forfeited* forfeited forfeited*

Negative Divi- If, in any financial year during the vesting period, the Management Next Next sional IBIT Board determines that prior to delivery Divisional Income before tranche tranche performance Income Taxes (IBIT) is negative, even if Group IBIT condition is met due for due for condition (Divisional IBIT condition is not applicable for employees in Regional delivery delivery Management, Infrastructure and NCOU) will be will be forfeited* forfeited

Impairment In the event that it is discovered that the award (or the grant, vesting provision or settlement of any other award made to the participant) was based on performance measures or assumptions that are later deemed to Up to 100 % of undelivered awards will be forfeited be materially inaccurate or if a deal, trade or transaction considered to be attributable to an employee has a significant adverse effect on any Group entity, division or the Group as a whole

Policy / Regula- In the event of a discovery of an internal policy or procedure breach, tory Breach or breach of any applicable laws or regulations imposed externally provision prior to settlement Up to 100 % of undelivered awards will be forfeited

Material Control If a Material Control Failure occurs, whether arising by act or Failure omission (or series of acts or omissions), which is considered to be attributable to the Participant (whether in whole or in part, directly or Up to 100 % of undelivered awards will be forfeited indirectly, in a supervisory or managerial capacity, as a member of a committee or panel or otherwise)

Regulatory If forfeiture is required to comply with prevailing regulatory require- Requirements ments (which, for the avoidance of doubt, includes any legislation or guidance published by a regulator from time to time) Up to 100 % of undelivered awards will be forfeited

* For the award types subject to a cliff-vesting, a certain proportion of the award (20 % for REAs of the SMG, 25 % for KPAs) will be forfeited in respect of a year, if the IBIT is negative for that respective year.

With respect to deferred awards scheduled to be delivered in the first quarter of 2016, the Management Board has confirmed that the performance conditions relating to Group-wide and divisional IBIT for the Financial Year 2015 have been met. In exercising its discretion to make this determination, the Management Board recognized the unique circumstances that the Bank’s loss for the Financial Year 2015 reflects strategic decisions, adjustments for goodwill impairments and business restructuring costs. Consequently, deferred awards are delivered as planned in the first quarter in 2016. Deutsche Bank 1 – Management Report 64 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

Management Board Report and Disclosure

Compensation System for Management Board Members

Responsibility

The Supervisory Board as a plenary body is responsible for the structuring of the compensation system for the members of the Management Board as well as for determining their individual compensation. The Supervisory Board is supported by the Compensation Control Committee.

As required by law, the Compensation Control Committee comprises four members, of which at least one must have sufficient expertise and professional experience in the area of risk management and risk controlling and at least one other must be an employee representative. With regard to the Management Board, it is the task of the Compensation Control Committee to support and monitor the Supervisory Board in the appropriate structuring of the compensation system and prepare the resolutions of the Supervisory Board regarding the individual compensation of the Manage- ment Board members.

Approval of the compensation system by the General Meeting

The Supervisory Board regularly reviews the compensation system for the members of the Management Board. In the case of a change or restructuring of the compensation framework, the Supervisory Board uses the possibility provided in the German Act on the Appropriateness of Management Board Remuneration (Gesetz zur Angemessenheit der Vorstandsvergütung – VorstAG) for the General Meeting to approve the system of compensation for Management Board members. Most recently, in May 2013, the General Meeting approved a new compensation system for the members of the Management Board by a large majority of 88.71 % retroactive to January 1, 2013.

With effect from January 1, 2016, the Supervisory Board changed the compensation system for Management Board members with regard to the amount of fixed compensation, the contributions to the company pension plan, the variable compensation components and their target figures. In May 2016, the General Meeting will be given the opportunity to vote on a resolution on the approval of the changed compensation system.

Regulatory and statutory requirements

The structuring of the compensation system for members of the Management Board takes place in consideration of and within the framework of the statutory and regulatory requirements. Pursuant to the regulatory approaches under CRD 4, effective since the 2014 financial year, the ratio of fixed to variable compensation is generally limited to 1:1 (cap regulation) for Management Board members, i.e. the amount of variable compensation must not exceed that of fixed compensation. The thought behind this is that excessively high variable compensation could create an increased incentive to enter into inappropriately high risks.

However, lawmakers have also stipulated that shareholders can resolve to soften the requirement by setting the ratio of fixed to variable compensation to 1:2. In May 2014, the General Meeting made use of this statutory possibility and approved the before-mentioned setting to 1:2 with a large majority of 90.84 %.

Principles of the compensation system

The widely varying requirements applicable worldwide present the Supervisory Board with the challenge of being able to offer, within the regulatory requirements, overall compensation packages that continue to be in line with customary market practices and therefore competitive. 65 Deutsche Bank Operating and Financial Review – 3 Non-Financial Key Performance Annual Financial Statements Outlook – 14 Indicators – 96 and Management Report Risk and Opportunities – 21 Information pursuant to Section – 289 (4) of Deutsche Bank AG 2015 Risk Report – 24 of the German Commercial Code and Compensation Report – 51 Explanatory Report – 100 Internal Control over Financial Reporting – 92

When designing the specific structure of the compensation system, determining individual compensation amounts, and structuring its delivery and allocation, the focus is on ensuring a close link between the interests of both the Manage- ment Board members and shareholders. While defining the variable compensation, this is achieved through the utilization of clearly defined key financial figures which are directly linked to the performance of Deutsche Bank and granting equity-based compensation components amounting to at least 50 % of the total Variable Compensation. When determining the variable compensation, the equity-based compensation components are directly linked to the performance of the Deutsche Bank share price, and only become eligible for payment after a period of several years.

Through the structure of the compensation system the members of the Management Board are motivated to achieve the objectives set out in the Bank’s strategies, to work continuously towards the positive development of the Group and to avoid unreasonably high risks.

In the context of its review of the compensation system and the determination of the Variable Compensation the Super- visory Board uses the expertise of independent external compensation consultants and, if necessary, legal consultants.

Compensation Structure

The compensation system approved by the Supervisory Board and the compensation structures it encompasses are reflected in the individual Management Board members’ contracts.

At the beginning of the financial year, the Supervisory Board reviews the fixed compensation and the target figures for the Variable Compensation components. Furthermore, it defines the general Group-wide and individual objectives for the Management Board members and verifies that the standardized target objectives set for the Long-Term Perform- ance Award are still aligned to the Bank’s long-term strategy. The performance of individual Management Board members is evaluated by the Supervisory Board and discussed with the Management Board members at the end of the year.

The total compensation resulting from the new compensation system is divided into both non-performance-related and performance-related components.

Non-Performance-Related Components (fixed compensation)

The fixed compensation is not linked to performance. It consists of a base salary. The base salary is disbursed in twelve equal monthly payments. In 2015, the base salary was as follows:

in € 2015 2014 Base salary Co-Chairmen 3,800,000 3,800,000 Ordinary Board member 2,400,000 2,400,000

The InstVV provides for the possibility to define contributions to the company pension plan as fixed compensation and thus to include these in the basis for calculating the ratio between fixed and variable compensation components.

In the 2015 financial year, the contributions to the company pension plan amounted to:

in € 2015 2014 Contributions to the company pension plan Co-Chairmen 650,000 650,000 Ordinary Board member 400,000 400,000

Additional non-performance-related components include “other benefits”. The “other benefits” comprise the monetary value of non-cash benefits such as company cars and driver services, insurance premiums, expenses for company- related social functions and security measures including payments, if applicable, of taxes on these benefits as well as taxable reimbursements of expenses. Deutsche Bank 1 – Management Report 66 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

Performance-Related Components (Variable Compensation)

The Variable Compensation is performance-related and consists of two components:

‒ the Annual Performance Award and ‒ the Long-Term Performance Award.

Annual Performance Award (APA) The APA rewards the achievement of the Bank’s short and medium-term business policy and corporate objectives that were set as part of the objective setting agreement for the respective financial year’s performance evaluation. Not only is financial success taken into account in the process, but also the conduct towards staff members and clients as part of carrying out business activities.

The total amount of the APA is determined on the basis of several components:

‒ 60 % of the Award amount depends on general Group-wide objectives that are identical for all Management Board members; ‒ The remaining 40 % of the Award amount is based on individual performance and individual objectives that are set by the Supervisory Board for each member of the Management Board separately considering the member’s individual function.

Objectives are generally aligned with the categories “capital”, “costs”, “competencies”, “clients” and “culture” and thus not only reflect quantitative objectives, but also address qualitative aspects of the performance delivered.

Objectives for the 2015 Financial Year The following Group-wide key financial figures were agreed to as metrics for the 2015 financial year and apply equally to all Management Board members. The targets to be achieved may also generally include other aspects, such as return-on-investment targets, derived from the five identified categories:

‒ Category Capital: Common Equity Tier 1 Ratio (CET 1) and Leverage Ratio; ‒ Category Costs: Cost-Income-Ratio (CIR); ‒ Category Competencies: Value added reported; and ‒ Categories Culture/Clients: Employee Commitment, Behavior and Reputation.

Each category of these objectives is weighted at 15 % in the determination of the Award amount. Thus, the proportion of these categories as part of the overall APA is equal to 60 %.

In assessing the individual performance component, the Supervisory Board agrees with each Board member separately on

‒ a quantitative objective from the categories Capital/Costs/Competencies and ‒ a qualitative objective from the categories Culture/Clients.

Each of these two objectives is also weighted at 15 % in the determination of the Award amount. Thus, the proportion of these objectives as part of the overall APA is 30 %.

Altogether, the sum of Group-wide and individually agreed objectives amounts to 90 % of the overall APA. An additional maximum of 10 % remain for the Supervisory Board to reward outstanding contributions, including project- specific contributions over the course of the financial year as an exercise of its wide discretionary authority.

As part of the annual objective setting process, corresponding factors are set for all objectives that the Supervisory Board will use as the basis for evaluating achievement at the end of the year. The level of the respective target achievement and the final amount of the APA is no longer defined on the basis of a formula, but is determined on a discretionary basis by the Supervisory Board as part of an informed judgment based on the pre-defined factors. The 67 Deutsche Bank Operating and Financial Review – 3 Non-Financial Key Performance Annual Financial Statements Outlook – 14 Indicators – 96 and Management Report Risk and Opportunities – 21 Information pursuant to Section – 289 (4) of Deutsche Bank AG 2015 Risk Report – 24 of the German Commercial Code and Compensation Report – 51 Explanatory Report – 100 Internal Control over Financial Reporting – 92

following factors are considered: the actual value delivered, plan values and externally announced target values, comparable figures of the Bank’s peers, the prior-year values in terms of a multi-year review of development as well as a qualitative analysis of the achievement level and also the overall risk orientation of the Bank.

If the objectives were not achieved during the period being evaluated, the Supervisory Board may determine that an APA will not be granted.

The annual minimum, target and maximum values applicable to the APA for the year 2015 for an ordinary Manage- ment Board member and for the Co-Chairmen of the Management Board are as follows:

2015 2014 in € Minimum Target Maximum Target Co-Chairmen Amount per 15 % objective 0 225,000 450,000 225,000 APA total 0 1,500,000 3,000,000 1,500,000 Ordinary Board member Amount per 15 % objective 0 150,000 300,000 150,000 APA total 0 1,000,000 2,000,000 1,000,000

Long-Term Performance Award (LTPA) The level of the Long-Term Performance Award is determined on the basis of the relative performance of the Deutsche Bank share in comparison to selected peer institutions. Through the additional inclusion of non-financial parameters, it is also oriented towards how the targets are achieved. This will further promote sustainable performance development.

Accordingly, the level of the LTPA is linked to the Relative Total Shareholder Return and will additionally be based on a Culture & Client Factor. The level of the LTPA is in general formula-based and calculated on the basis of pre-defined target figures. The long-term nature of this compensation component is supported by the determination of the Relative Total Shareholder Return on the basis of a three-year assessment.

Relative Total Shareholder Return of Deutsche Bank The Relative Total Shareholder Return (RTSR) of Deutsche Bank is derived from the Total Shareholder Return of Deutsche Bank in relation to the average total shareholder returns of a select peer group (calculated in Euro). The level of the Award portion is calculated from the average of the annual RTSR for the last three financial years (compensation year and the two preceding years).

If the three-year average of the relative total shareholder return of Deutsche Bank is greater than 100 %, then the value of the RTSR portion increases proportionately to an upper limit of 150 % of the target figure, i.e. the value increases by 1 % for each percentage point above 100 %. If the three-year average of the relative total shareholder return is lower than 100 %, the value declines disproportionately. If the relative total shareholder return is calculated to be in the range of less than 100 % to 80 %, the value of the Award portion is reduced for each lower percentage point by 2 percentage points. In the range between 80 % and 60 %, the value of the Award portion is reduced for each lower percentage point by 3 percentage points. If the three-year average of the RTSR does not exceed 60 %, the value of the Award portion is set to zero.

The peer group used for the calculation of the relative total shareholder return was selected based on the criteria of generally comparable business activities, comparable size and international presence and is regularly reviewed. The peer group now comprises the following banks:

‒ BNP Paribas and Société Générale (both from the eurozone), ‒ Barclays, Credit Suisse and UBS (from Europe outside the eurozone), as well as ‒ Bank of America, Citigroup, Goldman Sachs, JP Morgan Chase and Morgan Stanley (all from the U.S.A.). Deutsche Bank 1 – Management Report 68 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

Culture & Client Factor Through the Culture & Client Factor, client satisfaction and dealings with clients will be measured to foster a sustainable development of the relationships to clients.

The Supervisory Board will assess the status of the Bank’s development in these aspects at its discretion based on divisionally specific survey results as well as other market analyses along the four categories “below average”, “average”, “good” and “excellent”. For a classification in the “excellent” category, 150 % of the Culture & Client Factor target figure is assigned, 100 % for “good”, and 50 % for “average”. For “below average”, the value of the Award portion is set to zero.

Taking into account the adjustments of the compensation system to the CRD 4 requirements, the LTPA will be calculated based on the modified target figures in conjunction with the achieved RTSR as well as the Culture & Client Factor. The LTPA can be a maximum of 150 % of the respective target figures.

The weighting of these two performance metrics is two-thirds for the RTSR value and one-third for the Culture & Client value.

2015 2014 in € Minimum Target Maximum Target Co-Chairmen RTSR component 0 2,533,333 3,800,000 2,533,333 Culture & Client component 0 1,266,667 1,900,000 1,266,667 LTPA total 0 3,800,000 5,700,000 3,800,000 Ordinary Board member RTSR component 0 1,600,000 2,400,000 1,600,000 Culture & Client component 0 800,000 1,200,000 800,000 LTPA total 0 2,400,000 3,600,000 2,400,000

Maximum Compensation Following the implementation of the regulatory requirements and based on the before-stated individual compensation components, the annual maximum amounts are as follows.

2015 2014 Base Total Total in € salary APA LTPA compensation compensation Co-Chairmen Target 3,800,000 1,500,000 3,800,000 9,100,000 9,100,000 Maximum 3,800,000 3,000,000 5,700,000 12,500,000 12,500,000 Ordinary Board member Target 2,400,000 1,000,000 2,400,000 5,800,000 5,800,000 Maximum 2,400,000 2,000,000 3,600,000 8,000,000 8,000,000

The total compensation of a Management Board member is subject to a separate cap of € 9.85 million which has been set by the Supervisory Board for the overall total compensation for the 2015 financial year. Accordingly, the calculated maximum of the total compensation of € 12.5 million for the Co-Chairmen cannot take effect and therefore, the potential maximum Variable Compensation for each Co-Chairman is limited to € 6.05 million.

Long-Term Incentive/Sustainability According to the requirements of the InstVV at least 60 % of the total Variable Compensation must be granted on a deferred basis. Not less than half of this deferred portion may comprise equity-based compensation components, while the remaining portion must be granted as deferred cash compensation. Both compensation components must be deferred over a multi-year period which, for the equity-based compensation components, must be followed by a retention period. During the period until payment or delivery, the compensation portions awarded on a deferred basis may be forfeited. A maximum of 40 % of the total Variable Compensation may be granted on a non-deferred basis. However, at least half of this must consist of equity-based compensation components and only the remaining portion may be paid out directly in cash. Of the total Variable Compensation, no more than a maximum of 20 % may be paid out in cash immediately, while at least 80 % must be paid or delivered at a later date. Since 2014, the total variable compensation 69 Deutsche Bank Operating and Financial Review – 3 Non-Financial Key Performance Annual Financial Statements Outlook – 14 Indicators – 96 and Management Report Risk and Opportunities – 21 Information pursuant to Section – 289 (4) of Deutsche Bank AG 2015 Risk Report – 24 of the German Commercial Code and Compensation Report – 51 Explanatory Report – 100 Internal Control over Financial Reporting – 92

for Management Board members has only been granted on a deferred basis. The APA is in principle granted in the form of deferred, non-equity-based cash compensation components (“Restricted Incentive Awards”). The Restricted Incentive Awards vest over a period of no less than four years.

The LTPA is also granted 100 % on a deferred basis and only in the form of equity-based compensation components (“Restricted Equity Award”). The Restricted Equity Awards vest after four and a half years in one tranche (“cliff vesting”) and have an additional retention period of six months. Accordingly, Management Board members are first permitted to dispose of the equities after approximately five years. During the deferral and retention period, the value of the Re- stricted Equity Awards is linked to the Bank’s share price and is therefore tied to the sustained performance of the Bank. Specific forfeiture provisions apply for Restricted Incentive Awards and Restricted Equity Awards during the deferral and retention period.

The following chart shows the time period for the payment or the delivery of the Variable Compensation components in the five consecutive years following the grant year.

Timeframe for payment or delivery and non-forfeiture for the Management Board (from 2014)

1st 2nd 3rd 4th 5th subsequent subsequent subsequent subsequent subsequent in % Grant year year year year year year

Restricted Incentive Awards 25 25 25 25

Restricted Equity Awards 100 100

Vesting and/or non-forfeiture, aligned with payment or delivery. Vesting followed by a retention period until delivery; subject to individual forfeiture conditions during the retention period.

For Restricted Incentive Awards granted for the financial year 2014, a one-time premium in the amount of 2 % is added upon grant.

The equity-based awards granted for the financial year 2014 were entitled to a dividend equivalent. The dividend equivalent was determined according to the following formula:

Actual dividendx Number of share awards Deutsche Bank share price on date dividend is paid

Forfeiture Conditions Because some of the compensation components are deferred or spread out over several years (Restricted Equity Awards, Restricted Incentive Awards and Equity Upfront Awards) certain forfeiture conditions are applicable until vesting or the end of the retention periods, in order to create a long-term incentive. Awards may be fully or partially forfeited, for example, due to individual misconduct (including a breach of regulations) or termination for cause, and – with regard to Restricted Equity Awards and Restricted Incentive Awards – also due to a negative Group result or individual negative contributions to results. In addition, the LTPA will be forfeited completely if the statutory or regulatory minimum requirements for the core capital ratio are not met during this period. Deutsche Bank 1 – Management Report 70 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

Limitations in the Event of Exceptional Developments

In the event of exceptional developments, the total compensation for each Management Board member is limited to a maximum amount. In addition, the Supervisory Board and the members of the Management Board agreed on a possible limitation of the variable compensation which is included in the service agreements of the Management Board members and according to which the variable compensation may be limited to amounts below the provided maximum amounts or may not be granted altogether. Furthermore, statutory regulations provide that the Supervisory Board may reduce the compensation of the Management Board members to an appropriate level, if the situation of the company deteriorates in such a way following the determination of the compensation that the continuous granting of the compensation would be unreasonable for the company. A payment of Variable Compensation elements will also not take place if the payment of Variable Compensation components is prohibited or restricted by the German Federal Financial Supervisory Authority in accordance with existing statutory requirements.

Shareholding Guidelines

To foster the identification with Deutsche Bank and its shareholders, the Management Board members are required to invest a portion of their private funds in Deutsche Bank shares. For this purpose, the Management Board members will continuously hold a number of Deutsche Bank shares in their securities accounts. Deferred, equity-based compensation may be taken into account at 75 % of its value towards fulfillment of the obligation.

Since 2014, the number of shares to be held amounts to two times the annual base salary for the Co-Chairmen and one time the annual base salary for ordinary Management Board members.

There is a waiting period of 36 months for the Co-Chairmen and 24 months for ordinary Management Board members until which this requirement must be fulfilled. All Management Board members fulfilled the retention obligations for shares in 2015. Observance of the requirement is reviewed semi-annually as of June 30 and December 31. If the required number of shares is not met, the Management Board members must correct any deficiencies by the next review.

As compensation components are deferred or spread out over several years, another link to the performance of the Deutsche Bank share is established that should generally continue to exist even for the period after leaving the Man- agement Board.

Compensation structure as of January 2016

With effect from January 1, 2016, the Supervisory Board changed the compensation system for Management Board members.

The changed compensation system follows the new structure of the Bank’s business divisions and thus the reorganiza- tion of the Bank’s leadership structure. Effective January 1, 2016, all four core business divisions (front offices) are represented directly by members on the Management Board. For Management Board members with front office responsibility, the previous variable compensation components will be supplemented by the newly introduced Division Performance Award component. The implementation of the Division Performance Award seeks to reflect market requirements and ensure competitive pay levels for Management Board members with front office responsibility. The individual amount is determined based on performance-oriented criteria.

The key changes are set out below:

Non-Performance-Related Components (fixed compensation)

The fixed compensation is not linked to performance and continues to consist of the base salary, contributions to the company pension plan and “other benefits” comprising the monetary value of non-cash benefits such as company cars 71 Deutsche Bank Operating and Financial Review – 3 Non-Financial Key Performance Annual Financial Statements Outlook – 14 Indicators – 96 and Management Report Risk and Opportunities – 21 Information pursuant to Section – 289 (4) of Deutsche Bank AG 2015 Risk Report – 24 of the German Commercial Code and Compensation Report – 51 Explanatory Report – 100 Internal Control over Financial Reporting – 92

and driver services, insurance premiums, expenses for company-related social functions and security measures including payments, if applicable, of taxes on these benefits as well as taxable reimbursements of expenses.

The base salary remains unchanged in its amounts. However, the annual contributions to the company pension plan are to be determined on an individual basis by the Supervisory Board as of 2016.

Performance-Related-Components (variable compensation)

The variable compensation is performance-related. It continues to consist for all members of the Management Board of the two previous components:

‒ the Annual Performance Award and ‒ the Long-Term Performance Award

and, for Management Board members with front office responsibility, of the following additional component:

‒ the Division Performance Award.

Division Performance Award (DPA) The DPA rewards the achievement of the Bank’s short and medium-term business policy and strategic objectives established in the context of the objective setting process for the performance evaluation for the respective year. The key objectives underlying the determination of the DPA are designed to contribute to the applicable business policy and strategic objectives of the relevant division, in line with its business and risk strategy and the individual objectives set separately for each member of the Management Board on the basis of the member’s area of responsibility. Not only is financial success taken into account in the process, but also the conduct towards staff members and clients as part of carrying out business activities. In principle, the DPA thereby follows the same decision-making and determination logic as the Annual Performance Award, while allowing for a stronger focus on the business success parameters of client- oriented business units.

As part of the annual objective setting process, corresponding factors are set for all objectives that will be used by the Supervisory Board following the end of the year as the basis for evaluating performance. The degree to which the respective target is achieved as well as the ultimate amount of the DPA is determined on a discretionary basis by the Supervisory Board as part of an informed judgment on the basis of several components. The relevant factors for the determination of the DPA are the objective achievement level and the weighting of the relevant objectives.

If the objectives were not achieved during the period being evaluated, the Supervisory Board may determine that a DPA will not be granted.

The following chart provides a comparison of the compensation structure applicable until December 31, 2015 and the structure applicable as of January 1, 2016: Deutsche Bank 1 – Management Report 72 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

Previous structure New structure as of January 2016

Base salary

Base salary monthly cash payments

monthly cash payments Annual Performance Award (APA)

Discretional informed decision making along the categories: „capital“, „cost“, „competencies“, Annual Performance Award (APA) „clients“, und „culture“

Discretional informed decision making along the categories: „capital“, „cost“, „competencies“, „clients“, und „culture“ restricted cash (if appl. restricted equity)

Division Performance Award (DPA) restricted cash (if appl. restricted equity) Discretional informed decision making along business success parameters of client-focused units

Long Term Performance Award (LTPA) restricted cash (if appl. restricted equity) 3-year average TSR peer outperformance combined with Culture & Client factor Long Term Performance Award (LTPA)

3-year average TSR peer outperformance restricted equity combined with Culture & Client factor

restricted equity

The new compensation structure will be presented in detail to the General Meeting in May 2016; the General Meeting will be given the opportunity to vote on a resolution on the approval of the changed compensation system. 73 Deutsche Bank Operating and Financial Review – 3 Non-Financial Key Performance Annual Financial Statements Outlook – 14 Indicators – 96 and Management Report Risk and Opportunities – 21 Information pursuant to Section – 289 (4) of Deutsche Bank AG 2015 Risk Report – 24 of the German Commercial Code and Compensation Report – 51 Explanatory Report – 100 Internal Control over Financial Reporting – 92

Board Compensation

Base Salary

In the 2015 financial year, the annual base salary of the Management Board Co-Chairmen was € 3,800,000 each and for an ordinary Management Board member € 2,400,000.

Variable Compensation

The Supervisory Board, based on the proposal of the Compensation Control Committee, decided to reduce the variable compensation for the 2015 financial year for all Management Board members in office during the 2015 financial year to zero for the duration of their Management Board membership. The reduction is due to the deterioration of key performance indicators of the Bank in the 2015 financial year.

Total Compensation

The members of the Management Board collectively received in/for the 2015 financial year compensation (without fringe benefits and pension service costs) totaling € 22,660,000 (2014: € 35,277,666) for their service on the Manage- ment Board. This amount was for base salaries only (2014: € 19,600,000). € 0 (2014: € 15,677,666) were received for performance-related components with long-term incentives.

The Supervisory Board determined the compensation on an individual basis for 2015 as follows (table does not include amounts that departing Management Board members received in connection with their severance, which are described below in “Other Benefits upon Premature Termination”):

2015 2014 Base Total Total in € salary APA1 LTPA 2 compensation compensation John Cryan3 1,900,000 0 0 1,900,000 − Jürgen Fitschen 3,800,000 0 0 3,800,000 6,661,958 Anshuman Jain4 1,900,000 0 0 1,900,000 6,661,958 Stefan Krause5 2,400,000 0 0 2,400,000 4,352,500 Dr. Stephan Leithner5 2,000,000 0 0 2,000,000 4,467,250 Stuart Lewis 2,400,000 0 0 2,400,000 4,429,000 6 Sylvie Matherat 400,000 0 0 400,000 − Rainer Neske4 1,200,000 0 0 1,200,000 4,352,500 Henry Ritchotte 2,400,000 0 0 2,400,000 4,352,500 6 Karl von Rohr 400,000 0 0 400,000 − 7 Dr. Marcus Schenck 1,460,000 0 0 1,460,000 − 8 Christian Sewing 2,400,000 0 0 2,400,000 − Total 22,660,000 0 0 22,660,000 35,277,666 1 APA = Annual Performance Award. 2 LTPA = Long-Term Performance Award. 3 Member of the Management Board from July 1, 2015. 4 Member of the Management Board until June 30, 2015. 5 Member of the Management Board until October 31, 2015. 6 Member of the Management Board from November 1, 2015. 7 Member of the Management Board from May 22, 2015. 8 Member of the Management Board from January 1, 2015. Deutsche Bank 1 – Management Report 74 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

Compensation in accordance with the German Corporate Governance Codex (GCGC)

The compensation for the members of the Management Board in accordance with the requirements of section 4.2.5 paragraph 3 of the GCGC is provided below. This comprises the benefits granted for the year under review including the fringe benefits, and including the maximum and minimum achievable compensation for variable compensation components. In addition, the disbursals of fixed compensation, short-term variable compensation and long-term variable compensation in/for the year under review, broken down into the relevant reference years are reported.

The following table provides the compensation granted for the 2015 financial year:

Compensation granted in 2015 (2014) according to GCGC John Cryan1 Co-Chairman 2015 2015 2015 2015 2014 2014 in € (determined) (target) (Min) (Max) (determined) (target) Fixed compensation (base salary) 1,900,000 1,900,000 1,900,000 1,900,000 0 0 Fringe benefits 29,697 29,697 29,697 29,697 0 0 Total 1,929,697 1,929,697 1,929,697 1,929,697 0 0 One-year variable compensation 0 0 0 0 0 0 thereof: Immediately paid out (part of APA) 0 0 0 0 0 0 Multi-year variable compensation 0 2,650,000 0 4,350,000 0 0 thereof: Equity Upfront Awards (part of APA) 0 0 0 0 0 0 Restricted Incentive Awards (APA) 0 750,000 0 1,500,000 0 0 Restricted Equity Awards (LTPA) 0 1,900,000 0 2,850,000 0 0 Total 0 2,650,000 0 4,350,000 0 0 Pension service costs 439,065 439,065 439,065 439,065 0 0 Total compensation (GCGC) 2,368,762 5,018,762 2,368,762 6,718,762 0 0 Total compensation2 1,900,000 4,550,000 1,900,000 6,250,000 0 0 1 Member of the Management Board from July 1, 2015. 2 Without fringe benefits and pension service costs.

Jürgen Fitschen Co-Chairman 2015 2015 2015 2015 2014 2014 in € (determined) (target) (Min) (Max) (determined) (target) Fixed compensation (base salary) 3,800,000 3,800,000 3,800,000 3,800,000 3,800,000 3,800,000 Fringe benefits 102,016 102,016 102,016 102,016 118,852 118,852 Total 3,902,016 3,902,016 3,902,016 3,902,016 3,918,852 3,918,852 One-year variable compensation 0 0 0 0 0 0 thereof: Immediately paid out (part of APA) 0 0 0 0 0 0 Multi-year variable compensation 0 5,300,000 0 8,700,000 2,861,958 5,300,000 thereof: Equity Upfront Awards (part of APA) 0 0 0 0 0 0 Restricted Incentive Awards (APA) 0 1,500,000 0 3,000,000 860,625 1,500,000 Restricted Equity Awards (LTPA) 0 3,800,000 0 5,700,000 2,001,333 3,800,000 Total 0 5,300,000 0 8,700,000 2,861,958 5,300,000 Pension service costs 624,192 624,192 624,192 624,192 648,216 648,216 Total compensation (GCGC) 4,526,208 9,826,208 4,526,208 13,226,208 7,429,026 9,867,068 Total compensation1 3,800,000 9,100,000 3,800,000 12,500,000 6,661,958 9,100,000 1 Without fringe benefits and pension service costs. 75 Deutsche Bank Operating and Financial Review – 3 Non-Financial Key Performance Annual Financial Statements Outlook – 14 Indicators – 96 and Management Report Risk and Opportunities – 21 Information pursuant to Section – 289 (4) of Deutsche Bank AG 2015 Risk Report – 24 of the German Commercial Code and Compensation Report – 51 Explanatory Report – 100 Internal Control over Financial Reporting – 92

Anshuman Jain1 Co-Chairman 2015 2015 2015 2015 2014 2014 in € (determined) (target) (Min) (Max) (determined) (target) Fixed compensation (base salary) 1,900,000 1,900,000 1,900,000 1,900,000 3,800,000 3,800,000 Fringe benefits 337,718 337,718 337,718 337,718 718,914 718,914 Total 2,237,718 2,237,718 2,237,718 2,237,718 4,518,914 4,518,914 One-year variable compensation 0 0 0 0 0 0 thereof: Immediately paid out (part of APA) 0 0 0 0 0 0 Multi-year variable compensation 0 2,650,000 0 4,350,000 2,861,958 5,300,000 thereof: Equity Upfront Awards (part of APA) 0 0 0 0 0 0 Restricted Incentive Awards (APA) 0 750,000 0 1,500,000 860,625 1,500,000 Restricted Equity Awards (LTPA) 0 1,900,000 0 2,850,000 2,001,333 3,800,000 Total 0 2,650,000 0 4,350,000 2,861,958 5,300,000 Pension service costs 1,553,203 1,553,203 1,553,203 1,553,203 857,192 857,192 Total compensation (GCGC) 3,790,921 6,440,921 3,790,921 8,140,921 8,238,064 10,676,106 Total compensation2 1,900,000 4,550,000 1,900,000 6,250,000 6,661,958 9,100,000 1 Member of the Management Board until June 30, 2015. 2 Without fringe benefits and pension service costs.

Stefan Krause 2015 2015 2015 2015 2014 2014 in € (determined) (target) (Min) (Max) (determined) (target) Fixed compensation (base salary) 2,400,000 2,400,000 2,400,000 2,400,000 2,400,000 2,400,000 Fringe benefits 105,099 105,099 105,099 105,099 124,753 124,753 Total 2,505,099 2,505,099 2,505,099 2,505,099 2,524,753 2,524,753 One-year variable compensation 0 0 0 0 0 0 thereof: Immediately paid out (part of APA) 0 0 0 0 0 0 Multi-year variable compensation 0 3,400,000 0 5,600,000 1,952,500 3,400,000 thereof: Equity Upfront Awards (part of APA) 0 0 0 0 0 0 Restricted Incentive Awards (APA) 0 1,000,000 0 2,000,000 688,500 1,000,000 Restricted Equity Awards (LTPA) 0 2,400,000 0 3,600,000 1,264,000 2,400,000 Total 0 3,400,000 0 5,600,000 1,952,500 3,400,000 Pension service costs 498,908 498,908 498,908 498,908 521,887 521,887 Total compensation (GCGC) 3,004,007 6,404,007 3,004,007 8,604,007 4,999,140 6,446,640 Total compensation1 2,400,000 5,800,000 2,400,000 8,000,000 4,352,500 5,800,000 1 Without fringe benefits and pension service costs. Deutsche Bank 1 – Management Report 76 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

Dr. Stephan Leithner1 2015 2015 2015 2015 2014 2014 in € (determined) (target) (Min) (Max) (determined) (target) Fixed compensation (base salary) 2,000,000 2,000,000 2,000,000 2,000,000 2,400,000 2,400,000 Fringe benefits 72,570 72,570 72,570 72,570 353,552 353,552 Total 2,072,570 2,072,570 2,072,570 2,072,570 2,753,552 2,753,552 One-year variable compensation 0 0 0 0 0 0 thereof: Immediately paid out (part of APA) 0 0 0 0 0 0 Multi-year variable compensation 0 2,833,333 0 4,666,667 2,067,250 3,400,000 thereof: Equity Upfront Awards (part of APA) 0 0 0 0 0 0 Restricted Incentive Awards (APA) 0 833,333 0 1,666,667 803,250 1,000,000 Restricted Equity Awards (LTPA) 0 2,000,000 0 3,000,000 1,264,000 2,400,000 Total 0 2,833,333 0 4,666,667 2,067,250 3,400,000 Pension service costs 442,033 442,033 442,033 442,033 561,694 561,694 Total compensation (GCGC) 2,514,603 5,347,936 2,514,603 7,181,270 5,382,496 6,715,246 Total compensation2 2,000,000 4,833,333 2,000,000 6,666,667 4,467,250 5,800,000 1 Member of the Management Board until October 31, 2015. 2 Without fringe benefits and pension service costs. Stuart Lewis 2015 2015 2015 2015 2014 2014 in € (determined) (target) (Min) (Max) (determined) (target) Fixed compensation (base salary) 2,400,000 2,400,000 2,400,000 2,400,000 2,400,000 2,400,000 Fringe benefits 97,624 97,624 97,624 97,624 84,937 84,937 Total 2,497,624 2,497,624 2,497,624 2,497,624 2,484,937 2,484,937 One-year variable compensation 0 0 0 0 0 0 thereof: Immediately paid out (part of APA) 0 0 0 0 0 0 Multi-year variable compensation 0 3,400,000 0 5,600,000 2,029,000 3,400,000 thereof: Equity Upfront Awards (part of APA) 0 0 0 0 0 0 Restricted Incentive Awards (APA) 0 1,000,000 0 2,000,000 765,000 1,000,000 Restricted Equity Awards (LTPA) 0 2,400,000 0 3,600,000 1,264,000 2,400,000 Total 0 3,400,000 0 5,600,000 2,029,000 3,400,000 Pension service costs 516,969 516,969 516,969 516,969 551,095 551,095 Total compensation (GCGC) 3,014,593 6,414,593 3,014,593 8,614,593 5,065,032 6,436,032 Total compensation1 2,400,000 5,800,000 2,400,000 8,000,000 4,429,000 5,800,000 1 Without fringe benefits and pension service costs. 77 Deutsche Bank Operating and Financial Review – 3 Non-Financial Key Performance Annual Financial Statements Outlook – 14 Indicators – 96 and Management Report Risk and Opportunities – 21 Information pursuant to Section – 289 (4) of Deutsche Bank AG 2015 Risk Report – 24 of the German Commercial Code and Compensation Report – 51 Explanatory Report – 100 Internal Control over Financial Reporting – 92

Sylvie Matherat1 2015 2015 2015 2015 2014 2014 in € (determined) (target) (Min) (Max) (determined) (target) Fixed compensation (base salary) 400,000 400,000 400,000 400,000 0 0 Fringe benefits 5,226 5,226 5,226 5,226 0 0 Total 405,226 405,226 405,226 405,226 0 0 One-year variable compensation 0 0 0 0 0 0 thereof: Immediately paid out (part of APA) 0 0 0 0 0 0 Multi-year variable compensation 0 566,667 0 933,333 0 0 thereof: Equity Upfront Awards (part of APA) 0 0 0 0 0 0 Restricted Incentive Awards (APA) 0 166,667 0 333,333 0 0 Restricted Equity Awards (LTPA) 0 400,000 0 600,000 0 0 Total 0 566,667 0 933,333 0 0 Pension service costs 128,506 128,506 128,506 128,506 0 0 Total compensation (GCGC) 533,732 1,100,399 533,732 1,467,065 0 0 Total compensation2 400,000 966,667 400,000 1,333,333 0 0 1 Member of the Management Board from November 1, 2015. 2 Without fringe benefits and pension service costs.

Rainer Neske1 2015 2015 2015 2015 2014 2014 in € (determined) (target) (Min) (Max) (determined) (target) Fixed compensation (base salary) 1,200,000 1,200,000 1,200,000 1,200,000 2,400,000 2,400,000 Fringe benefits 61,347 61,347 61,347 61,347 96,155 96,155 Total 1,261,347 1,261,347 1,261,347 1,261,347 2,496,155 2,496,155 One-year variable compensation 0 0 0 0 0 0 thereof: Immediately paid out (part of APA) 0 0 0 0 0 0 Multi-year variable compensation 0 1,700,000 0 2,800,000 1,952,500 3,400,000 thereof: Equity Upfront Awards (part of APA) 0 0 0 0 0 0 Restricted Incentive Awards (APA) 0 500,000 0 1,000,000 688,500 1,000,000 Restricted Equity Awards (LTPA) 0 1,200,000 0 1,800,000 1,264,000 2,400,000 Total 0 1,700,000 0 2,800,000 1,952,500 3,400,000 Pension service costs 550,484 550,484 550,484 550,484 539,553 539,553 Total compensation (GCGC) 1,811,831 3,511,831 1,811,831 4,611,831 4,988,208 6,435,708 Total compensation2 1,200,000 2,900,000 1,200,000 4,000,000 4,352,500 5,800,000 1 Member of the Management Board until June 30, 2015. 2 Without fringe benefits and pension service costs.

Henry Ritchotte 2015 2015 2015 2015 2014 2014 in € (determined) (target) (Min) (Max) (determined) (target) Fixed compensation (base salary) 2,400,000 2,400,000 2,400,000 2,400,000 2,400,000 2,400,000 Fringe benefits 382,390 382,390 382,390 382,390 289,842 289,842 Total 2,782,390 2,782,390 2,782,390 2,782,390 2,689,842 2,689,842 One-year variable compensation 0 0 0 0 0 0 thereof: Immediately paid out (part of APA) 0 0 0 0 0 0 Multi-year variable compensation 0 3,400,000 0 5,600,000 1,952,500 3,400,000 thereof: Equity Upfront Awards (part of APA) 0 0 0 0 0 0 Restricted Incentive Awards (APA) 0 1,000,000 0 2,000,000 688,500 1,000,000 Restricted Equity Awards (LTPA) 0 2,400,000 0 3,600,000 1,264,000 2,400,000 Total 0 3,400,000 0 5,600,000 1,952,500 3,400,000 Pension service costs 502,274 502,274 502,274 502,274 530,086 530,086 Total compensation (GCGC) 3,284,664 6,684,664 3,284,664 8,884,664 5,172,428 6,619,928 Total compensation1 2,400,000 5,800,000 2,400,000 8,000,000 4,352,500 5,800,000 1 Without fringe benefits and pension service costs. Deutsche Bank 1 – Management Report 78 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

Karl von Rohr1 2015 2015 2015 2015 2014 2014 in € (determined) (target) (Min) (Max) (determined) (target) Fixed compensation (base salary) 400,000 400,000 400,000 400,000 0 0 Fringe benefits 2,348 2,348 2,348 2,348 0 0 Total 402,348 402,348 402,348 402,348 0 0 One-year variable compensation 0 0 0 0 0 0 thereof: Immediately paid out (part of APA) 0 0 0 0 0 0 Multi-year variable compensation 0 566,667 0 933,333 0 0 thereof: Equity Upfront Awards (part of APA) 0 0 0 0 0 0 Restricted Incentive Awards (APA) 0 166,667 0 333,333 0 0 Restricted Equity Awards (LTPA) 0 400,000 0 600,000 0 0 Total 0 566,667 0 933,333 0 0 Pension service costs 131,141 131,141 131,141 131,141 0 0 Total compensation (GCGC) 533,489 1,100,156 533,489 1,466,822 0 0 Total compensation2 400,000 966,667 400,000 1,333,333 0 0 1 Member of the Management Board from November 1, 2015. 2 Without fringe benefits and pension service costs.

Dr. Marcus Schenck1 2015 2015 2015 2015 2014 2014 in € (determined) (target) (Min) (Max) (determined) (target) Fixed compensation (base salary) 1,460,000 1,460,000 1,460,000 1,460,000 0 0 Fringe benefits 38,370 38,370 38,370 38,370 0 0 Total 1,498,370 1,498,370 1,498,370 1,498,370 0 0 One-year variable compensation 0 0 0 0 0 0 thereof: Immediately paid out (part of APA) 0 0 0 0 0 0 Multi-year variable compensation 0 2,068,333 0 3,406,667 0 0 thereof: Equity Upfront Awards (part of APA) 0 0 0 0 0 0 Restricted Incentive Awards (APA) 0 608,333 0 1,216,667 0 0 Restricted Equity Awards (LTPA) 0 1,460,000 0 2,190,000 0 0 Total 0 2,068,333 0 3,406,667 0 0 Pension service costs 478,387 478,387 478,387 478,387 0 0 Total compensation (GCGC) 1,976,757 4,045,090 1,976,757 5,383,424 0 0 Total compensation2 1,460,000 3,528,333 1,460,000 4,866,667 0 0 1 Member of the Management Board from May 22, 2015. 2 Without fringe benefits and pension service costs.

Christian Sewing1 2015 2015 2015 2015 2014 2014 in € (determined) (target) (Min) (Max) (determined) (target) Fixed compensation (base salary) 2,400,000 2,400,000 2,400,000 2,400,000 0 0 Fringe benefits 19,471 19,471 19,471 19,471 0 0 Total 2,419,471 2,419,471 2,419,471 2,419,471 0 0 One-year variable compensation 0 0 0 0 0 0 thereof: Immediately paid out (part of APA) 0 0 0 0 0 0 Multi-year variable compensation 0 3,400,000 0 5,600,000 0 0 thereof: Equity Upfront Awards (part of APA) 0 0 0 0 0 0 Restricted Incentive Awards (APA) 0 1,000,000 0 2,000,000 0 0 Restricted Equity Awards (LTPA) 0 2,400,000 0 3,600,000 0 0 Total 0 3,400,000 0 5,600,000 0 0 Pension service costs 559,197 559,197 559,197 559,197 0 0 Total compensation (GCGC) 2,978,668 6,378,668 2,978,668 8,578,668 0 0 Total compensation2 2,400,000 5,800,000 2,400,000 8,000,000 0 0 1 Member of the Management Board from January 1, 2015. 2 Without fringe benefits and pension service costs. 79 Deutsche Bank Operating and Financial Review – 3 Non-Financial Key Performance Annual Financial Statements Outlook – 14 Indicators – 96 and Management Report Risk and Opportunities – 21 Information pursuant to Section – 289 (4) of Deutsche Bank AG 2015 Risk Report – 24 of the German Commercial Code and Compensation Report – 51 Explanatory Report – 100 Internal Control over Financial Reporting – 92

The following table provides the disbursals in/for the 2015 financial year:

Disbursals paid out in 2015 (2014) according to GCGC John Cryan1 Jürgen Fitschen Anshuman Jain2 Stefan Krause Co-Chairman Co-Chairman in € 2015 2014 2015 2014 2015 2014 2015 2014 Fixed compensation 1,900,000 0 3,800,000 3,800,000 1,900,000 3,800,000 2,400,000 2,400,000 Fringe benefits 29,697 0 102,016 118,852 337,718 718,914 105,099 124,753 Total 1,929,697 0 3,902,016 3,918,852 2,237,718 4,518,914 2,505,099 2,524,753 One-year variable compensation 0 0 0 0 0 0 0 0 thereof immediately paid out 0 0 0 0 0 0 0 0 Multi-year variable compensation 0 0 285,529 420,542 0 829,761 303,115 446,444 thereof Equity Upfront Awards: EUA for 2010 (until 2014) 0 0 0 420,542 0 829,761 0 446,444 thereof Restricted Equity Awards: REA for 2010 (until 2016) 0 0 285,529 0 0 0 303,115 0 Total 0 0 285,529 420,542 0 829,761 303,115 446,444 Pension service costs 439,065 0 624,192 648,216 1,553,203 857,192 498,908 521,887 Total compensation (GCGC) 2,368,762 0 4,811,737 4,987,610 3,790,921 6,205,867 3,307,122 3,493,084 1 Member of the Management Board from July 1, 2015. 2 Member of the Management Board until June 30, 2015.

Dr. Stephan Leithner1 Stuart Lewis Sylvie Matherat2 Rainer Neske3 in € 2015 2014 2015 2014 2015 2014 2015 2014 Fixed compensation 2,000,000 2,400,000 2,400,000 2,400,000 400,000 0 1,200,000 2,400,000 Fringe benefits 72,570 353,552 97,624 84,937 5,226 0 61,347 96,155 Total 2,072,570 2,753,552 2,497,624 2,484,937 405,226 0 1,261,347 2,496,155 One-year variable compensation 0 0 0 0 0 0 0 0 thereof immediately paid out 0 0 0 0 0 0 0 0 Multi-year variable compensation 0 0 0 0 0 0 0 433,493 thereof Equity Upfront Awards: EUA for 2010 (until 2014) 0 0 0 0 0 0 0 433,493 thereof Restricted Equity Awards: REA for 2010 (until 2016) 0 0 0 0 0 0 0 0 Total 0 0 0 0 0 0 0 433,493 Pension service costs 442,033 561,694 516,969 551,095 128,506 0 550,484 539,553 Total compensation (GCGC) 2,514,603 3,315,246 3,014,593 3,036,032 533,732 0 1,811,831 3,469,201 1 Member of the Management Board until October 31, 2015. 2 Member of the Management Board from November 1, 2015. 3 Member of the Management Board until June 30, 2015.

Henry Ritchotte Karl von Rohr1 Dr. Marcus Schenck2 Christian Sewing3 in € 2015 2014 2015 2014 2015 2014 2015 2014 Fixed compensation 2,400,000 2,400,000 400,000 0 1,460,000 0 2,400,000 0 Fringe benefits 382,390 289,842 2,348 0 38,370 0 19,471 0 Total 2,782,390 2,689,842 402,348 0 1,498,370 0 2,419,471 0 One-year variable compensation 0 0 0 0 0 0 0 0 thereof immediately paid out 0 0 0 0 0 0 0 0 Multi-year variable compensation 0 0 0 0 0 0 0 0 thereof Equity Upfront Awards: EUA for 2010 (until 2014) 0 0 0 0 0 0 0 0 thereof Restricted Equity Awards: REA for 2010 (until 2016) 0 0 0 0 0 0 0 0 Total 0 0 0 0 0 0 0 0 Pension service costs 502,274 530,086 131,141 0 478,387 0 559,197 0 Total compensation (GCGC) 3,284,664 3,219,928 533,489 0 1,976,757 0 2,978,668 0 1 Member of the Management Board from November 1, 2015. 2 Member of the Management Board from May 22, 2015. 3 Member of the Management Board from January 1, 2015. Deutsche Bank 1 – Management Report 80 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

In 2015, the Supervisory Board decided to suspend the tranches of deferred compensation elements which were subject to non-forfeiture and/or disbursal in 2015 for the Management Board members Fitschen, Jain, Krause, Dr Leithner, Lewis, Neske and Ritchotte, who were still active in the reporting period, as well as for four former Management Board members who already left the Management Board prior to the reporting period. Accordingly, the above table does not contain the respective compensation elements which were not disbursed (or delivered – in case of share-based elements) in February and August 2015.

Compensation in accordance with the German Accounting Standard No. 17 (GAS 17)

In accordance with the requirements of the GAS 17, the members of the Management Board collectively received in the 2015 financial year compensation totaling € 23,913,876 (2014: € 31,709,671) for their service on the Management Board. Of that, € 22,660,000 (2014: € 19,600,000) was for base salaries, € 1,253,876 (2014: € 1,787,005) for fringe benefits and € 0 (2014: € 10,322,666) for performance-related components with long-term incentives.

In accordance with German Accounting Standard No. 17, the Restricted Incentive Awards, as a deferred, non-equity- based compensation component subject to certain (forfeiture) conditions, must be recognized in the total compensation for the year of their payment (i.e. in the financial year in which the unconditional payment takes place) and not in the year they are originally granted. Based on this the Management Board members individually received the following compensation components for their service on the Management Board for or in the years 2015 and 2014, including the non-performance-related fringe benefits.

Compensation according to GAS 17 John Cryan1 Jürgen Fitschen Anshuman Jain2 Stefan Krause Co-Chairman Co-Chairman in € 2015 2014 2015 2014 2015 2014 2015 2014 Compensation Performance-related components Without long-term incentives Immediately paid out 0 0 0 0 0 0 0 0 With long-term incentives Cash-based Restricted Incentive Award(s) paid 0 0 0 0 0 0 0 0 Share-based Equity Upfront Award(s) 0 0 0 0 0 0 0 0 Restricted Equity Award(s) 0 0 0 2,001,333 0 2,001,333 0 1,264,000 Non-performance-related components Base salary 1,900,000 0 3,800,000 3,800,000 1,900,000 3,800,000 2,400,000 2,400,000 Fringe benefits 29,697 0 102,016 118,852 337,718 718,914 105,099 124,753 Total 1,929,697 0 3,902,016 5,920,185 2,237,718 6,520,247 2,505,099 3,788,753 1 Member of the Management Board from July 1, 2015. 2 Member of the Management Board until June 30, 2015. 81 Deutsche Bank Operating and Financial Review – 3 Non-Financial Key Performance Annual Financial Statements Outlook – 14 Indicators – 96 and Management Report Risk and Opportunities – 21 Information pursuant to Section – 289 (4) of Deutsche Bank AG 2015 Risk Report – 24 of the German Commercial Code and Compensation Report – 51 Explanatory Report – 100 Internal Control over Financial Reporting – 92

Dr. Stephan Leithner1 Stuart Lewis Sylvie Matherat2 Rainer Neske3 in € 2015 2014 2015 2014 2015 2014 2015 2014 Compensation Performance-related components Without long-term incentives Immediately paid out 0 0 0 0 0 0 0 0 With long-term incentives Cash-based Restricted Incentive Award(s) paid 0 0 0 0 0 0 0 0 Share-based Equity Upfront Award(s) 0 0 0 0 0 0 0 0 Restricted Equity Award(s) 0 1,264,000 0 1,264,000 0 0 0 1,264,000 Non-performance-related components Base salary 2,000,000 2,400,000 2,400,000 2,400,000 400,000 0 1,200,000 2,400,000 Fringe benefits 72,570 353,552 97,624 84,937 5,226 0 61,347 96,155 Total 2,072,570 4,017,552 2,497,624 3,748,937 405,226 0 1,261,347 3,760,155 1 Member of the Management Board until October 31, 2015. 2 Member of the Management Board from November 1, 2015. 3 Member of the Management Board until June 30, 2015.

Henry Ritchotte Karl von Rohr1 Dr. Marcus Schenck2 Christian Sewing3 in € 2015 2014 2015 2014 2015 2014 2015 2014 Compensation Performance-related components Without long-term incentives Immediately paid out 0 0 0 0 0 0 0 0 With long-term incentives Cash-based Restricted Incentive Award(s) paid 0 0 0 0 0 0 0 0 Share-based Equity Upfront Award(s) 0 0 0 0 0 0 0 0 Restricted Equity Award(s) 0 1,264,000 0 0 0 0 0 0 Non-performance-related components Base salary 2,400,000 2,400,000 400,000 0 1,460,000 0 2,400,000 0 Fringe benefits 382,390 289,842 2,348 0 38,370 0 19,471 0 Total 2,782,390 3,953,842 402,348 0 1,498,370 0 2,419,471 0 1 Member of the Management Board from November 1, 2015. 2 Member of the Management Board from May 22, 2015. 3 Member of the Management Board from January 1, 2015.

Total in € 2015 2014 Compensation Performance-related components Without long-term incentives Immediately paid out 0 0 With long-term incentives Cash-based Restricted Incentive Award(s) paid 0 0 Share-based Equity Upfront Award(s) 0 0 Restricted Equity Award(s) 0 10,322,666 Non-performance-related components Base salary 22,660,000 19,600,000 Fringe benefits 1,253,876 1,787,005 Total 23,913,876 31,709,671 Deutsche Bank 1 – Management Report 82 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

In 2015, the Supervisory Board decided to suspend the tranches of deferred compensation elements which were subject to non-forfeiture and/or disbursal in 2015 for the Management Board members Fitschen, Jain, Krause, Dr Leithner, Lewis, Neske, Ritchotte, which were still active in the reporting period, as well as for four former Management Board members which already left the Management Board prior to the reporting period. Accordingly, the table above does not contain the Restricted Incentive Awards which were not disbursed in 2015.

Share awards

The Supervisory Board decided not to grant the Management Board members any variable compensation for the 2015 financial year. The share awards granted in 2015 for the year 2014 in the form of Restricted Equity Awards were determined by dividing the respective euro amounts by the average Deutsche Bank AG XETRA share closing prices on the first ten trading days in February 2015 (€ 27.108).

As a result, the number of share awards granted was as follows (rounded):

Members of the Management Board Restricted Equity Award(s) Equity Upfront Award(s) (deferred with additional Units Year (with retention period) retention period) John Cryan1 2015 0 0 Jürgen Fitschen 2015 0 0 2014 0 73,828 Anshuman Jain2 2015 0 0 2014 0 73,828 Stefan Krause 2015 0 0 2014 0 46,628 Dr. Stephan Leithner3 2015 0 0 2014 0 46,628 Stuart Lewis 2015 0 0 2014 0 46,628 Sylvie Matherat4 2015 0 0 Rainer Neske2 2015 0 0 2014 0 46,628 Henry Ritchotte 2015 0 0 2014 0 46,628 Karl von Rohr4 2015 0 0 Dr. Marcus Schenck5 2015 0 0 Christian Sewing6 2015 0 0 1 Member of the Management Board from July 1, 2015. 2 Member of the Management Board until June 30, 2015. 3 Member of the Management Board until October 31, 2015. 4 Member of the Management Board from November 1, 2015. 5 Member of the Management Board from May 22, 2015. 6 Member of the Management Board from January 1, 2015.

Management Board members do not receive any compensation for mandates on boards of Deutsche Bank subsidiaries.

Deferred compensation components granted to John Cryan by a former employer were forfeited due to the com- mencement of his activity as member of the Management Board. The forfeited compensation components were equally replaced by the grant of 17,440.59 Deutsche Bank share-awards based on the 2015 Deutsche Bank Equity Plan (Re- stricted Equity Awards). The Restricted Equity Awards vest on March 1, 2016 and have an additional retention period of six months. Specific forfeiture provisions apply for the Awards until their release on September 1, 2016. 83 Deutsche Bank Operating and Financial Review – 3 Non-Financial Key Performance Annual Financial Statements Outlook – 14 Indicators – 96 and Management Report Risk and Opportunities – 21 Information pursuant to Section – 289 (4) of Deutsche Bank AG 2015 Risk Report – 24 of the German Commercial Code and Compensation Report – 51 Explanatory Report – 100 Internal Control over Financial Reporting – 92

Pension and Transitional Benefits

The Supervisory Board allocates an entitlement to pension plan benefits to the Management Board members. These entitlements involve a defined contribution pension plan. Under this pension plan, a personal pension account has been set up for each participating member of the Management Board after appointment to the Management Board. A contribution is made annually into this pension account.

Management Board members receive a contribution in the form of a contractually agreed fixed annual amount in Euro. The contribution accrues interest credited in advance, determined by means of an age-related factor, at an average rate of 4 % per year up to the age of 60. From the age of 61 onwards, the contribution made is credited with an annual interest payment of 4 % up to the date of retirement.

The annual contributions, taken together, form the pension amount available to pay the future pension benefit. Under defined conditions, the pension may also become due for payment before a regular pension event (age limit, disability or death) has occurred. The pension right is vested from the start.

The following table shows the annual contributions, the interest credits, the account balances and the annual service costs for the years 2015 and 2014 as well as the corresponding defined benefit obligations for each member of the Management Board in office in 2015 as of December 31, 2015 and December 31, 2014. The different balances are attributable to the different lengths of service on the Management Board, the respective age-related factors, and the different contribution rates, as well as the individual pensionable compensation amounts and the previously mentioned additional individual entitlements.

Present value of the defined benefit Members of the Annual contribution, Interest credit, Account balance, Service cost (IFRS), obligation (IFRS), Management Board in the year in the year end of year in the year end of year in € 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 John Cryan1 393,250 0 0 0 393,250 0 439,065 0 450,200 0 Jürgen Fitschen 650,000 650,000 95,272 65,351 2,549,796 1,804,524 624,192 648,216 2,576,287 1,935,819 Anshuman Jain2 1,919,1258 903,500 0 0 09 2,016,125 1,553,203 857,192 01,884,104 Stefan Krause3 520,000 536,000 0 04,042,137 3,522,137 498,908 521,887 3,685,741 3,336,863 Dr. Stephan Leithner3 500,000 620,000 0 01,758,250 1,258,250 442,033 561,694 01,128,360 Stuart Lewis 576,000 600,000 0 01,786,938 1,210,938 516,969 551,095 1,551,547 1,103,545 Sylvie Matherat4 86,668 0 0 0 86,668 0 128,506 0 130,231 0 Rainer Neske2 600,667 576,000 0 03,973,532 3,372,865 550,484 539,553 03,068,819 Henry Ritchotte 536,000 556,000 0 01,648,313 1,112,313 502,274 530,086 1,496,159 1,053,970 Karl von Rohr4 96,001 0 0 0 96,001 0 131,141 0 132,799 0 Dr. Marcus Schenck5 528,001 0 0 0 528,001 0 478,387 0 490,386 0 Christian Sewing6 692,000 0 0 0 692,000 0 559,197 0 572,899 0 1 Member of the Management Board from July 1, 2015. 2 Member of the Management Board until June 30, 2015. 3 Member of the Management Board until October 31, 2015. 4 Member of the Management Board from November 1, 2015. 5 Member of the Management Board from May 22, 2015. 6 Member of the Management Board from January 1, 2015. 7 Including age-related factor. 8 The stated contribution consists of a contribution for the period from January 1 to June 30, 2015 in the amount of € 435,500 and a one-off insurance amount in the amount of € 1,483,625 which was agreed in the termination agreement in connection with the premature termination of the service contract. 9 The pension entitlement was not vested at the time of the termination of the Management Board membership and was paid in form of a cash compensation in the amount of € 3,437,307. Deutsche Bank 1 – Management Report 84 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

Other Benefits upon Premature Termination

The Management Board members are in principle entitled to receive a severance payment upon early termination of their appointment at the Bank’s initiative, provided the Bank is not entitled to revoke the appointment or give notice under the contractual agreement for cause. The severance payment, as a rule, will not exceed the lesser of two annual compensation amounts and the claims to compensation for the remaining term of the contract. The calculation of the compensation is based on the annual compensation for the previous financial year.

If a Management Board member leaves office in connection with a change of control, he is also, under certain conditions, entitled in principle to a severance payment. The severance payment, as a rule, will not exceed the lesser of three annual compensation amounts and the claims to compensation for the remaining term of the contract. The calculation of the compensation is again based on the annual compensation for the previous financial year.

The severance payment mentioned above is determined by the Supervisory Board and within its sole discretion. In principle, the disbursement of the severance payment takes place in two installments; the second installment is subject to certain forfeiture conditions until vesting.

In 2015, five Management Board Members in total left the Management Board. In connection with their exit from the Bank, the Board entered into termination agreements with Anshuman Jain, Stefan Krause, Dr. Stephan Leithner, Rai- ner Neske and Henry Ritchotte, which contain the following terms:

Anshuman Jain left the Management Board with effect from the end of June 30, 2015. On the basis of the termination agreement, a one-off insurance amount with respect to the entitlement to pension plan benefits in the amount of € 1,483,625 and a severance payment in the amount of € 2,216,667 were agreed. The severance payment is paid as compensation for the termination of the service agreement and comprises the compensation payments for non- competition agreed in the employment contract. The severance payment was disbursed in June 2015. Mr. Jain will receive office use and secretarial support as well as a company car with chauffeur to use to a reasonable extent until June 30, 2017, at the latest or until he assumes another position of professional activity in a leadership function. The Bank has assumed the costs of € 382,008.45 incurred for legal advice provided to Mr Jain in connection with the termination agreement in the statutory amount pursuant to RVG (Rechtsanwaltsvergütungsgesetz), and any costs incurred for tax advice provided in connection with compensation and benefits resulting from the employment relationship with the Bank will be paid until June 30, 2017.

Stefan Krause left the Management Board with effect from the end of October 31, 2015. On the basis of the termination agreement, payment of his base salary including fringe benefits until December 31, 2015, compensation payments for a post-contractual restraint on competition in the amount of € 1,560,000 and a severance payment in the amount of € 7,145,000 were agreed. Disbursement of the severance payment will take place in two instalments. The first instalment in the amount of € 3,572,500 was disbursed in January 2016. The second instalment becomes due for disbursement in January 2017 and is subject to specific forfeiture provisions as well as a provision for the offsetting of income received from other sources. Due to the economic situation of the Bank, the Supervisory Board reduced the second instalment of the severance payment to € 1,620,000. Accordingly, the total severance payment amounts to € 5,192,500.

Dr. Stephan Leithner left the Management Board with effect from the end of October 31, 2015. On the basis of the termination agreement, compensation payments for a post-contractual restraint on competition in the amount of € 1,560,000 were agreed. Dr. Leithner will receive office use and secretarial support to use to a reasonable extent until April 30, 2016, at the latest or until he assumes another position of professional activity in a leadership function. Dr. Leithner has assumed such a leadership function with effect from March 1, 2016. The costs for tax advice provided in connection with compensation and benefits resulting from the employment relationship with the Bank will be paid until July 31, 2016.

Rainer Neske left the Management Board with effect from the end of June 30, 2015. On the basis of the termination agreement, a severance payment in the amount of € 2,960,000 was agreed. The severance payment comprises the 85 Deutsche Bank Operating and Financial Review – 3 Non-Financial Key Performance Annual Financial Statements Outlook – 14 Indicators – 96 and Management Report Risk and Opportunities – 21 Information pursuant to Section – 289 (4) of Deutsche Bank AG 2015 Risk Report – 24 of the German Commercial Code and Compensation Report – 51 Explanatory Report – 100 Internal Control over Financial Reporting – 92

compensation payments for non-competition agreed in the employment contract. Disbursement of the severance payment takes place in two instalments. The first instalment in the amount of € 1,560,000 was disbursed in January 2016. The second instalment in the amount of € 1,400,000 becomes due for disbursement in July 2016 and is subject to specific forfeiture regulations as well as a regulation for the offsetting of income received from other sources.

Henry Ritchotte left the Management Board with effect from the end of December 31, 2015. The Management Board employment contract was terminated by mutual agreement. There are no further resulting rights, since Mr. Ritchotte entered into a new employment relationship within Deutsche Bank Group immediately after leaving the Management Board.

Expense for Long-Term Incentive Components

The following table presents the compensation expense recognized in the respective years for long-term incentive components of compensation granted for service on the Management Board.

Members of the Management Board Amount expensed for share-based compensation cash-based compensation components components in € 2015 2014 2015 2014 John Cryan1 0 0 0 0 Jürgen Fitschen 1,013,489 734,201 1,170,591 1,278,486 Anshuman Jain2 3,350,789 707,318 2,852,503 2,140,366 Stefan Krause 2,726,735 464,263 1,754,083 946,856 Dr. Stephan Leithner3 2,367,167 496,929 1,566,589 500,137 Stuart Lewis 633,658 447,126 663,466 487,735 Sylvie Matherat4 0 0 0 0 Rainer Neske2 2,474,164 487,657 1,845,774 996,551 Henry Ritchotte 631,719 484,343 635,927 487,735 Karl von Rohr4 0 0 0 0 Dr. Marcus Schenck5 0 0 0 0 Christian Sewing6 0 0 0 0 1 Member of the Management Board from July 1, 2015. 2 Member of the Management Board until June 30, 2015. 3 Member of the Management Board until October 31, 2015. 4 Member of the Management Board from November 1, 2015. 5 Member of the Management Board from May 22, 2015. 6 Member of the Management Board from January 1, 2015.

Management Board Share Ownership

As of February 19, 2016 and February 21, 2015, respectively, the current members of the Management Board held Deutsche Bank shares as presented below: Deutsche Bank 1 – Management Report 86 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

Number of Members of the Management Board shares John Cryan1 2016 0 Jürgen Fitschen 2016 266,739 2015 262,166 Stuart Lewis 2016 51,347 2015 51,347 Sylvie Matherat2 2016 0 Quintin Price3 2016 0 Garth Ritchie3 2016 28,778 Karl von Rohr2 2016 2,747 Dr. Marcus Schenck4 2016 26,445 Christian Sewing5 2016 36,249 2015 30,488 Jeffrey Urwin3 2016 120,690 Total 2016 532,995 2015 344,001 1 Member of the Management Board from July 1, 2015. 2 Member of the Management Board from November 1, 2015. 3 Member of the Management Board from January 1, 2016. 4 Member of the Management Board from May 22, 2015. 5 Member of the Management Board from January 1, 2015.

The current members of the Management Board held an aggregate of 532,995 Deutsche Bank shares on February 19, 2016, amounting to approximately 0.04 % of Deutsche Bank shares issued on that date.

The following table shows the number of share awards held by the Management Board members as of February 19, 2016 and February 21, 2015 as well as the number of share awards newly granted, delivered or forfeited in this period.

Balance as of Balance as of Members of the Management Board Feb 21, 2015 Granted Delivered Forfeited Feb 19, 2016 John Cryan1 – – – – 17,441 Jürgen Fitschen 294,514 5,953 9,439 0 291,028 Stuart Lewis 162,310 4,228 0 0 166,538 Sylvie Matherat2 – – – – 3,217 Quintin Price3 – – – – 0 Garth Ritchie3 – – – – 244,227 Karl von Rohr2 – – – – 22,846 Marcus Schenck4 – – – – 132,517 Christian Sewing5 93,811 2,444 10,747 0 85,508 Jeffrey Urwin3 – – – – 379,808 1 Member of the Management Board from July 1, 2015. 2 Member of the Management Board from November 1, 2015. 3 Member of the Management Board from January 1, 2016. 4 Member of the Management Board from May 22, 2015. 5 Member of the Management Board from January 1, 2015. 87 Deutsche Bank Operating and Financial Review – 3 Non-Financial Key Performance Annual Financial Statements Outlook – 14 Indicators – 96 and Management Report Risk and Opportunities – 21 Information pursuant to Section – 289 (4) of Deutsche Bank AG 2015 Risk Report – 24 of the German Commercial Code and Compensation Report – 51 Explanatory Report – 100 Internal Control over Financial Reporting – 92

Compensation Disclosure pursuant to Section 16 InstVV and Art. 450 CRR

On a global basis, 3,005 employees were identified as InstVV Material Risk Takers (MRTs) for FY 2015, spanning 50 countries. The collective remuneration elements for InstVV MRTs are detailed in the tables below in accordance with Sec. 16 InstVV and Art. 450 CRR.

Aggregate remuneration for Material Risk Takers 2015 Further MRTs in € m. Senior Supervisory Deutsche Group (unless stated otherwise)1 Management2 Function3 CB&S PBC GTB AWM NCOU Total Number of employees 181 60 1,871 179 212 452 50 3,005 Total Pay 343 N/M 1,689 85 114 391 48 2,670 thereof: Fixed Pay 189 N/M 909 49 62 191 23 1,423 Variable Pay 153 N/M 780 35 52 200 25 1,246 Variable Pay4 153 N/M 780 35 52 200 25 1,246 thereof: Variable in cash 51 N/M 283 18 27 107 13 498 Variable in shares 102 N/M 497 18 26 90 13 745 Variable in share-linked instruments 0 N/M 0 0 0 0 0 0 Variable in other types of instruments 0 N/M 0 0 0 3 0 3 N/M – Not meaningful 1 All figures in the table include the allocation of Infrastructure related compensation and number of employees according to our established cost allocation key. The table may contain marginal rounding differences. 2 Senior Management refers to Management Board Members/ Executive Directors of significant institutions in accordance with Sec. 17 InstVV and to members of the Senior Management Group. 3 Supervisory Function refers to non-executive Board members and Supervisory Board members of significant institutions in accordance with Sec. 17 InstVV. Compensation information is not reported for non-executive Board members and Supervisory Board members. 4 Variable Pay is reported which includes VC as well as other discretionary remuneration elements.

Deferred Compensation 2015 Senior Group in € m. Management Further MRTs Total Outstanding deferred Variable Pay 470 1,831 2,301 thereof: Vested awards 25 30 55 Unvested awards 445 1,802 2,246 Deferred Variable Pay granted for 2015 144 760 904 Deferred Variable Pay granted during 20151 215 915 1,131 Deferred Variable Pay forfeited due to ex-post risk-adjustment in 2015 0 26 26 Deferred Variable Pay from previous years vested during 2015 148 989 1,137 1 Does not include Variable Compensation granted in March 2016 for the Financial Year 2015.

During the course of 2015, 13 InstVV MRTs had awards subject to forfeiture as a result of being terminated for cause or as a result of a finding of a Policy Breach. The total amount forfeited (based on the value of the awards at grant) was € 26.2 million.

Sign-on and termination payments 2015 Senior Group Management Further MRTs Total Sign On payments (in € m.) 0 1 1 Number of beneficiaries 2 8 10 Termination payments granted (in € m.) 10 27 38 Number of beneficiaries 3 67 70

The highest termination payment granted to an InstVV MRT was € 5.2 million. Deutsche Bank 1 – Management Report 88 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

Remuneration of high earners

2015 in € Number of employees Total Pay 1,000,000 to 1,499,999 385 1,500,000 to 1,999,999 151 2,000,000 to 2,499,999 84 2,500,000 to 2,999,999 48 3,000,000 to 3,499,999 29 3,500,000 to 3,999,999 21 4.000,000 to 4,499,999 10 4,500,000 to 4,999,999 8 5,000,000 to 5,999,999 8 6,000,000 to 6,999,999 6 7,000,000 to 7,999,999 3 8,000,000 to 8,999,999 1 9,000,000 to 9,999,999 0 10,000,000 to 10,999,999 1 11,000,000 to 11,999,999 1

Compensation System for Supervisory Board Members

The compensation principles for Supervisory Board members are set forth in our Articles of Association, which our shareholders amend from time to time at the Annual General Meeting. Such compensation provisions were last amended by resolution of the Annual General Meeting on May 22, 2014 which became effective on July 17, 2014. Accordingly, the following provisions apply:

The members of the Supervisory Board receive fixed annual compensation (“Supervisory Board Compensation”). The annual base compensation amounts to € 100,000 for each Supervisory Board member. The Supervisory Board Chair- man receives twice that amount and the Deputy Chairperson one and a half times that amount.

Members and chairs of the committees of the Supervisory Board are paid additional fixed annual compensation as follows:

Dec 31, 2015 in € Committee Chairperson Member Audit Committee 200,000 100,000 Risk Committee 200,000 100,000 Nomination Committee 100,000 50,000 Mediation Committee 0 0 Integrity Committee 200,000 100,000 Chairman’s Committee 100,000 50,000 Compensation Control Committee 100,000 50,000

75 % of the compensation determined is disbursed to each Supervisory Board member after submitting invoices in February of the following year. The other 25 % is converted by the company at the same time into company shares based on the average closing price on the Frankfurt Stock Exchange (Xetra or successor system) during the last ten trading days of the preceding January, calculated to three digits after the decimal point. The share value of this number of shares is paid to the respective Supervisory Board member in February of the year following his departure from the Supervisory Board or the expiration of his term of office, based on the average closing price on the Frankfurt Stock Exchange (Xetra or successor system) during the last ten trading days of the preceding January, provided that the member does not leave the Supervisory Board due to important cause which would have justified dismissal. 89 Deutsche Bank Operating and Financial Review – 3 Non-Financial Key Performance Annual Financial Statements Outlook – 14 Indicators – 96 and Management Report Risk and Opportunities – 21 Information pursuant to Section – 289 (4) of Deutsche Bank AG 2015 Risk Report – 24 of the German Commercial Code and Compensation Report – 51 Explanatory Report – 100 Internal Control over Financial Reporting – 92

In case of a change in Supervisory Board membership during the year, compensation for the financial year will be paid on a pro rata basis, rounded up/down to full months. For the year of departure, the entire compensation is paid in cash; a forfeiture regulation applies to 25 % of the compensation for that financial year.

The company reimburses the Supervisory Board members for the cash expenses they incur in the performance of their office, including any value added tax (VAT) on their compensation and reimbursements of expenses. Furthermore, any employer contributions to social security schemes that may be applicable under foreign law to the performance of their Supervisory Board work shall be paid for each Supervisory Board member affected. Finally, the Supervisory Board Chairman will be appropriately reimbursed for travel expenses incurred in performing representative tasks that his function requires and for the costs of security measures required on account of his function.

In the interest of the company, the members of the Supervisory Board will be included in an appropriate amount, with a deductible, in any financial liability insurance policy held by the company. The premiums for this are paid by the company.

Supervisory Board Compensation for the 2015 Financial Year

Individual members of the Supervisory Board received the following compensation for the 2015 financial year (excluding value added tax).

Compensation for fiscal year 2015 Compensation for fiscal year 2014 Members of the Supervisory Board Paid out Paid out in € Fixed in February 2016 Fixed in February 2015 Dr. Paul Achleitner 808,333 606,250 818,548 613,911 Alfred Herling 300,000 225,000 272,849 204,637 Wolfgang Böhr1 8,333 6,250 0 0 Frank Bsirske 250,000 187,500 222,849 167,137 John Cryan2 200,000 200,000 400,000 300,000 Dina Dublon 291,667 218,750 200,000 150,000 Katherine Garrett-Cox 100,000 75,000 100,000 75,000 Timo Heider 200,000 150,000 172,849 129,637 Sabine Irrgang 200,000 150,000 172,849 129,637 Prof. Dr. Henning Kagermann 250,000 187,500 222,849 167,137 Martina Klee 200,000 150,000 172,849 129,637 Suzanne Labarge3 0 0 100,000 100,000 Peter Löscher 200,000 150,000 172,849 129,637 Henriette Mark 200,000 150,000 200,000 150,000 Richard Meddings4 100,000 75,000 0 0 Louise Parent3 200,000 150,000 91,667 68,750 Gabriele Platscher 200,000 150,000 200,000 150,000 Bernd Rose 200,000 150,000 200,000 150,000 Rudolf Stockem 200,000 150,000 200,000 150,000 Stephan Szukalski5 91,667 91,667 100,000 75,000 Dr. Johannes Teyssen 150,000 112,500 122,849 92,137 Georg Thoma 300,000 225,000 245,699 184,274 Prof. Dr. Klaus Rüdiger Trützschler 200,000 150,000 200,000 150,000 Total 4,850,000 3,710,417 4,588,710 3,466,532 1 Member since December 1, 2015. 2 Member until June 30, 2015. 3 Member until June 30, 2015. 4 Member since October 13, 2015. 5 Member until November 30, 2015.

Following the submission of invoices in February 2016, 25 % of the compensation determined for each Supervisory Board member for the 2015 financial year was converted into notional shares of the company on the basis of a share price of € 17.325 (average closing price on the Frankfurt Stock Exchange (Xetra) during the last ten trading days of January 2016, calculated to three digits after the decimal point). Members who left the Supervisory Board in 2015 were paid the entire amount of compensation in cash. Deutsche Bank 1 – Management Report 90 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

The following table shows the number of notional shares to three decimal places that were converted in February 2016 (2015) for members of the Supervisory Board as part of their 2015 (2014) compensation as well as the number of notional shares accumulated during the respective membership to the Supervisory Board:

Number of notional shares Converted in February 2016 as part of the Total prior-year Paid out in Members of the compensation amounts from February 2016 Supervisory Board 2015 2013 and 2014 Total (cumulative) in €1 Dr. Paul Achleitner 11,664.262 12,340.921 24,005.183 0 Alfred Herling 4,329.004 3,925.643 8,254.647 0 Wolfgang Böhr 120.250 0 120.250 0 Frank Bsirske 3,607.504 2,818.415 6,425.919 0 John Cryan2 0 5,473.868 5,473.868 94,835 Dina Dublon 4,208.754 2,172.941 6,381.695 0 Katherine Garrett-Cox 1,443.001 1,650.463 3,093.464 0 Timo Heider 2,886.003 2,275.180 5,161.183 0 Sabine Irrgang 2,886.003 2,275.180 5,161.183 0 Prof. Dr. Henning Kagermann 3,607.504 3,523.406 7,130.910 0 Martina Klee 2,886.003 2,557.176 5,443.179 0 Peter Löscher 2,886.003 2,557.176 5,443.179 0 Henriette Mark 2,886.003 3,300.927 6,186.930 0 Richard Meddings 1,443.001 0 1,443.001 0 Louise Parent 2,886.003 892.533 3,778.536 0 Gabriele Platscher 2,886.003 3,018.930 5,904.933 0 Bernd Rose 2,886.003 2,736.934 5,622.937 0 Rudolf Stockem 2,886.003 3,018.930 5,904.933 0 Stephan Szukalski3 0 1,368.467 1,368.467 23,709 Dr. Johannes Teyssen 2,164.502 1,872.942 4,037.444 0 Georg Thoma 4,329.004 3,181.891 7,510.895 0 Prof. Dr. Klaus Rüdiger Trützschler 2,886.003 3,300.927 6,186.930 0 Total 65,776.816 64,262.850 130,039.666 118,544 1 At a value of € 17.325 based on the average closing price on the Frankfurt Stock Exchange (Xetra or successor system) during the last ten trading days of January 2016. 2 Member of the Supervisory Board until June 30, 2015. 3 Member of the Supervisory Board until November 30, 2015.

As Suzanne Labarge left the Supervisory Board on June 30, 2104, the value of her virtual shares amounting to € 34,755 was paid to her in February 2015.

All employee representatives on the Supervisory Board, with the exception of Frank Bsirske and Rudolf Stockem, are employed by us. In the 2015 financial year, we paid such members a total amount of € 1.14 million in the form of salary, retirement and pension compensation in addition to their Supervisory Board compensation.

We do not provide members of the Supervisory Board with any benefits after they have left the Supervisory Board, though members who are or were employed by us are entitled to the benefits associated with the termination of such employment. During 2015, we set aside € 0.08 million for pension, retirement or similar benefits for the members of the Supervisory Board who are or were employed by us.

With the agreement of the Bank’s Management Board, Dr. Paul Achleitner performs representative functions in various ways on an unpaid basis for the Bank and participates in opportunities for referrals of business for the Bank. These tasks are related to the functional responsibilities of the Chairman of the Supervisory Board of Deutsche Bank AG. In this respect, the reimbursement of costs is regulated in the Articles of Association. On the basis of a separate contractual agreement, the Bank provides Dr. Paul Achleitner with infrastructure and support services free of charge for his services in the interest of the Bank. He is therefore entitled to avail himself of internal resources for preparing and carrying out his activities. The Bank’s security and car services are available for Dr. Paul Achleitner to use free of charge for these tasks. The Bank also reimburses travel expenses and participation fees and covers the taxes for any non-cash benefits provided. On September 24, 2012, the Chairman’s Committee approved the conclusion of this agreement. The provisions apply for the duration of Dr. Paul Achleitner’s tenure as Chairman of the Supervisory Board 91 Deutsche Bank Operating and Financial Review – 3 Non-Financial Key Performance Annual Financial Statements Outlook – 14 Indicators – 96 and Management Report Risk and Opportunities – 21 Information pursuant to Section – 289 (4) of Deutsche Bank AG 2015 Risk Report – 24 of the German Commercial Code and Compensation Report – 51 Explanatory Report – 100 Internal Control over Financial Reporting – 92

and are reviewed on an annual basis for appropriateness. Under this agreement between Deutsche Bank and Dr. Achleitner, support services equivalent to € 203,000 (2014: € 206,000) were provided and reimbursements for expenses amounting to € 233,867 (2014: € 196,271) were paid during the 2015 financial year.

Corporate Governance Statement according to Section 289a HGB

The entire Corporate Governance Statement is available on our website under www.db.com/ir/en/reports.htm. Deutsche Bank 1 – Management Report 92 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

Internal Control over Financial Reporting

General

Management of Deutsche Bank and its consolidated subsidiaries is responsible for establishing and maintaining adequate internal control over financial reporting (ICOFR). Our internal control over financial reporting is a process designed under the supervision of our Co-Chief Executive Officers and our Chief Financial Officer to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the firm s consolidated financial statements for external reporting purposes in accordance with International Financial Reporting Standards (IFRS). ICOFR includes our disclosure controls and procedures designed to prevent misstatements.

Risks in Financial Reporting

The main risks in financial reporting are that either financial statements do not present a true and fair view due to inad- vertent or intentional errors (fraud) or the publication of financial statements is not done on a timely basis. These risks may reduce investor confidence or cause reputational damage and may have legal consequences including banking regulatory interventions. A lack of fair presentation arises when one or more financial statement amounts or disclosures contain misstatements (or omissions) that are material. Misstatements are deemed material if they could, individually or collectively, influence economic decisions that users make on the basis of the financial statements.

To confine those risks of financial reporting, management of the Group has established ICOFR with the aim of providing reasonable but not absolute assurance against material misstatements and conducted an assessment of the effectiveness of the Group’s internal control over financial reporting based on the framework established in Internal Control Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). COSO recommends the establishment of specific objectives to facilitate the design and evaluate adequacy of a control system. As a result in establishing ICOFR, management has adopted the following financial statement objectives:

‒ Existence assets and liabilities exist and transactions have occurred. ‒ Completeness all transactions are recorded, account balances are included in the financial statements. ‒ Valuation assets, liabilities and transactions are recorded in the financial reports at the appropriate amounts. ‒ Rights and Obligations and ownership rights and obligations are appropriately recorded as assets and liabilities. ‒ Presentation and disclosures classification, disclosure and presentation of financial reporting is appropriate-ate. ‒ Safeguarding of assets unauthorized acquisitions, use or disposition of assets is prevented or detected in a timely manner.

However, any internal control system, including ICOFR, no matter how well conceived and operated, can pro-vide only reasonable, but not absolute assurance that the objectives of that control system are met. As such, disclosure controls and procedures or systems for ICOFR may not prevent all errors and fraud. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. 93 Deutsche Bank Operating and Financial Review – 3 Non-Financial Key Performance Annual Financial Statements Outlook – 14 Indicators – 96 and Management Report Risk and Opportunities – 21 Information pursuant to Section – 289 (4) of Deutsche Bank AG 2015 Risk Report – 24 of the German Commercial Code and Compensation Report – 51 Explanatory Report – 100 Internal Control over Financial Reporting – 92

Organization of the Internal Control System

Functions Involved in the System of Internal Control over Financial Reporting

Controls within the system of ICOFR are performed by all business functions and infrastructure functions with an involvement in reviewing the reliability of the books and records that underlie the financial statements. As a result, the operation of ICOFR involves staff based mainly in the following functions: Finance, Group Technology and Operations and Risk.

Finance is responsible for the periodic preparation of the financial statements and operates independently from the Group’s businesses. Within Finance, different departments have control responsibilities which contribute to the overall preparation process:

‒ Finance specialists for businesses or entities are responsible for reviewing the quality of financial data by performing validation and control. They are in close contact with business, infrastructure and legal entity management and employ their specific knowledge to address financial reporting issues arising on products and transactions, as well as validating reserving and other adjustments based on judgment. ‒ Group Finance is responsible for Group-wide activities which include the preparation of Group financial and management information, forecasting and planning, and risk reporting. Group Finance sets the reporting timetables, performs the consolidation and aggregation processes, effects the elimination entries for inter and intra group activities, controls the period end and adjustment processes, compiles the Group financial statements, and considers and incorporates comments as to content and presentation made by senior and external advisors. Within Group Finance, specialists for entities add the perspective of legal entities to the business view and sign off on the financial reporting of their entities. Valuation specialists in Group Finance are responsible for developing policies and minimum standards for valuation for goodwill and the non-trading businesses. ‒ Accounting Policy and Advisory Group (APAG) is responsible for developing the Group’s interpretation of Interna- tional Financial Reporting Standards and their consistent application within the Group. APAG provides accounting advice and consulting services to Finance and the wider business, and is responsible for the timely resolution of corporate and transaction-specific accounting issues. ‒ Group Valuations and business aligned valuation specialists are responsible for developing policies and minimum standards for valuation, providing related implementation guidance when undertaking valuation control work, and challenging and validating valuation control results. They act as the single point of contact on valuation topics for external parties (such as regulators and external auditors). ‒ Group Tax responsible for producing income tax related financial data in conjunction with Finance, covering the assessment and planning of current and deferred income taxes and the collection of tax related information. Group Tax monitors the income tax position and controls the provisioning for tax risks.

The operation of ICOFR is also importantly supported by Group Technology & Operations and Risk. Although these functions are not directly involved in the financial preparation process, they contribute significantly to the production of financial information:

‒ Group Technology & Operations (GTO) responsible for confirming transactions with counterparties, and performing reconciliations both internally and externally of financial information between systems, depots and exchanges. GTO also undertakes all transaction settlement activity on behalf of the Group and per-forms reconciliations of nostro account balances. ‒ Risk responsible for developing policies and standards for managing credit, market, legal, liquidity operational and vendor risks. Risk identifies and assesses the adequacy of credit, legal and operational provisions. Deutsche Bank 1 – Management Report 94 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

Controls to Minimize the Risk of Financial Reporting Misstatement

The system of ICOFR consists of a large number of internal controls and procedures aimed at minimizing the risk of misstatement of the financial statements. Such controls are integrated into the operating process and include those which:

‒ are ongoing or permanent in nature such as supervision within written policies and procedures or segregation of duties, ‒ operate on a periodic basis such as those which are performed as part of the annual financial statement preparation process, ‒ are preventative or detective in nature, ‒ have a direct or indirect impact on the financial statements themselves. Controls which have an indirect effect on the financial statements include IT general controls such as system access and deployment controls whereas a control with a direct impact could be, for example, a reconciliation which directly supports a balance sheet line item, ‒ feature automated and/or manual components. Automated controls are control functions embedded within system processes such as application enforced segregation of duty controls and interface checks over the completeness and accuracy of inputs. Manual internal controls are those operated by an individual or group of individuals such as authorization of transactions.

The combination of individual controls encompasses each of the following aspects of the system of ICOFR:

‒ Accounting policy design and implementation. Controls to promote the consistent recording and reporting of the Group’s business activities on a global basis in accordance with authorized accounting policies. ‒ Reference data. Controls over reference data in relation to the general ledger and on and off-balance sheet transactions including product reference data. ‒ New product and transaction approval, capture and confirmation. Controls are intended to ensure the completeness and accuracy of recorded transactions as well as appropriate authorization. Such controls include transaction confirmations which are sent to and received from counterparties to help ensure that trade details are corroborated. ‒ Reconciliation controls, both externally and internally. Inter-system reconciliations are performed between relevant systems for all trades, transactions, positions or relevant parameters. External reconciliations include nostro account, depot and exchange reconciliations. ‒ Valuation including the independent price verification process (IPV). Finance performs IPV controls at least monthly in order to evaluate the reasonableness of the front office valuation. The results of the IPV processes are assessed on a monthly basis by the Valuation Control Oversight Committee. ‒ Business aligned valuation specialists focus on valuation approaches and methodologies for various asset classes and perform IPV for complex derivatives and structured products. ‒ Taxation. Controls are designed to ensure that tax calculations are performed properly and that tax balances are appropriately recorded in the financial statements. ‒ Reserving and adjustments based on judgment. Controls are designed to ensure reserving and other adjustments based on judgment are authorized and reported in accordance with the approved accounting policies. ‒ Balance Sheet substantiation. Controls relating to the substantiation of balance sheet accounts to promote the integrity of general ledger account balances based on supporting evidence. ‒ Consolidation and other period end reporting controls. At period end, all businesses and regions submit their financial data to the Group for consolidation. Controls over consolidation include the validation of ac-counting entries required to eliminate the effect of inter and intra company activities. Period end reporting controls include general ledger month end close processes and the review of late adjustments. ‒ Financial Statement disclosure and presentation. Controls over compilation of the financial statements themselves including preparation of disclosure checklists and compliance with the requirements thereof, and review and sign-off of the financial statements by senior Finance management. The financial statements are also subject to approval by the Management Board, and the Supervisory Board and its Audit Committee.

The above controls are performed for primary GAAP IFRS and apply to HGB accordingly. In addition to these controls specific HGB related controls are implemented which include: 95 Deutsche Bank Operating and Financial Review – 3 Non-Financial Key Performance Annual Financial Statements Outlook – 14 Indicators – 96 and Management Report Risk and Opportunities – 21 Information pursuant to Section – 289 (4) of Deutsche Bank AG 2015 Risk Report – 24 of the German Commercial Code and Compensation Report – 51 Explanatory Report – 100 Internal Control over Financial Reporting – 92

‒ Intra-company elimination. Inter-branch reconciliation and elimination are performed for HGB specific balances. ‒ Analytical review. Review of revaluation and reclassification items between IFRS and HGB on branch and parent company level.

Measuring Effectiveness of Internal Control

Each year, management of the Group undertakes a formal evaluation of the adequacy and effectiveness of the system of ICOFR. This evaluation incorporated an assessment of the effectiveness of the control environment as well as individual controls which make up the system of ICOFR taking into account:

‒ The financial misstatement risk of the financial statement line items, considering such factors as materiality and the susceptibility of the particular financial statement item to misstatement. ‒ The susceptibility of identified controls to failure, considering such factors as the degree of automation, complexity, and risk of management override, competence of personnel and the level of judgment required.

These factors, in aggregate, determine the nature and extent of evidence that management requires in order to be able to assess whether or not the operation of the system of ICOFR is effective. The evidence itself is generated from procedures integrated with the daily responsibilities of staff or from procedures implemented specifically for purposes of the ICOFR evaluation. Information from other sources also forms an important component of the evaluation since such evidence may either bring additional control issues to the attention of management or may corroborate findings. Such information sources include:

‒ Reports on audits carried out by or on behalf of regulatory authorities; ‒ External Auditor reports; ‒ Reports commissioned to evaluate the effectiveness of outsourced processes to third parties.

In addition, Group Audit evaluates the design and operating effectiveness of ICOFR by performing periodic and ad-hoc risk-based audits. Reports are produced summarizing the results from each audit performed which are distributed to the responsible managers for the activities concerned. These reports, together with the evidence generated by specific further procedures that Group Audit performs also provide evidence to support the annual evaluation by management of the overall operating effectiveness of the ICOFR.

As a result of the evaluation, management has concluded that ICOFR is appropriately designed and operating effec- tively as of December 31, 2015. Deutsche Bank 1 – Management Report 96 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

Non-financial Key Performance Indicators

The following section applies to the Group and is not restricted to the parent company. Corporate Responsibility

Our approach to corporate responsibility is focusing on the three dimensions of sustainability to create economic, environmental and social value. It aims to set the direction for a future-orientated business strategy that balances economic success with environmental and social responsibility.

We are committed to the ten principles of the UN Global Compact and continuously strive to improve our sustainability performance by acting transparently, exploring new business opportunities arising from global trends such as climate change, and managing potential environmental and social risks from our core business. In addition, we manage our business operations sustainably e.g. by reducing CO2-emissions and committing to carbon neutrality. Our commitment extends well beyond our core business. As a corporate citizen, Deutsche Bank is uniquely positioned to bring to scale new ideas that address acute global challenges.

Please visit Deutsche Bank’s online “Corporate Responsibility Report” on cr-report.db.com/15 and db.com/society for more information on:

‒ Environmental and social risks: Deutsche Bank’s approach to managing environmental and social (ES) risk is based on a policy framework, which forms part of our global Reputational Risk Framework. The ES Framework specifies the requirements for ES due diligence, and the criteria for mandatory referral to the Bank’s sustainability function. The number of transactions reviewed under this framework grew again in 2015 to 1,346 (2014: 1,250), demonstrating our ongoing effort to enhance governance and awareness around these risks. We continued to follow developments around the implementation of the UN Guiding Principles on Business and Human Rights (UNGP HR) and published a Human Rights Statement reflecting our long-standing commitment to respecting the Human Rights of our employees as well as of individuals, groups or communities that might be affected by our activities. ‒ ESG factors in Asset Management: At the end of 2015, Deutsche Asset & Wealth Management managed assets of approximately € 7.7 billion invested on the basis of ESG criteria (2014: € 5.4 billion). To further build on this, a Center for Sustainable Finance has been established. It will focus on ESG-related research, policy recommendations and product innovation. ‒ Tackling climate change: As of September 30, 2015, we provided € 4.8 billion in project finance for renewable energy generating more than 1,600MW. Furthermore, we fully support the Green Bond Principles and continued to be active in this market, supporting clients to issue € 4 billion. In addition, Deutsche Bank invested € 800 million into a portfolio of high quality Green Bonds, as part of its liquidity reserve investments. As 195 leaders signed an agreement on climate change at the United Nations Conference of the Parties in Paris, we also signed the “Paris Pledge for Action” committing us to accelerate the transformational changes needed to reduce global warming to within acceptable limits. Furthermore, Deutsche Bank became the first commercial bank to be accredited to act as implementing entity for the UN Green Climate Fund, which was established at the UN Framework Convention on Climate Change’s Conference of the Parties as the central global investment vehicle to combat climate change and its effects with a pledged capital of U.S.$ 10 billion (December 2015). ‒ Carbon neutral operations: We continued to operate on a carbon neutral basis in 2015 by investing in energy efficiency projects, using renewable electricity, and offsetting unavoidable emissions by purchasing and retiring high-grade offset certificates. ‒ Corporate Citizenship: As a responsible global corporate citizen, Deutsche Bank acts to enable communities and economies to prosper. We support education projects that empower the next generation to achieve their full potential and help to remove social and economic barriers that hold them back. We assist ‒ enterprises that help drive positive change in society to get off the ground and reach their next level. And we contribute to stronger and more inclusive communities through local provision for key concerns, and by enriching the 97 Deutsche Bank Operating and Financial Review – 3 Non-Financial Key Performance Annual Financial Statements Outlook – 14 Indicators – 96 and Management Report Risk and Opportunities – 21 Information pursuant to Section – 289 (4) of Deutsche Bank AG 2015 Risk Report – 24 of the German Commercial Code and Compensation Report – 51 Explanatory Report – 100 Internal Control over Financial Reporting – 92

cultural landscape. We do this together with like-minded partners from public and private sectors and with the commitment of our highly-skilled workforce. Public advocacy and employee engagement strengthen the impact of our programs.

With a total investment of € 76.8 million in 2015 (2014: € 80.5 million), Deutsche Bank and its foundations continue to be among the world’s most active corporate citizens. More than 4.7 million (2014: 5.8 million) people benefited from our initiatives, and we increased the reach of our Born to Be youth engagement program to 1.3 million people (2014: 1.2 million). 17,382 colleagues, 22 % of global staff, (2014: 16,864; 21 % of global staff) volunteered more than 185,000 hours of their time, skills, and expertise.

The strategic Human Resources agenda

Delivering Strategy 2020 depends in part on our ability to retain, motivate, develop and continue to attract employees with the skills and experience that will help master challenges and make the most of opportunities. Deutsche Bank’s people agenda therefore plays an instrumental role in securing the future success of the Bank. This is reflected in its strategic HR priorities, which cover aspects from organizational culture, diversity and inclusion, talent development and acquisition to compensation and benefits.

Strengthening our culture

A strong corporate culture remains essential for Deutsche Bank’s long-term success and its stakeholder relationships – and since 2013, the approach to strengthening our culture has been multi-pronged. In addition to a clear tone from the top, the Bank has actively engaged employees, anchored its values and beliefs in all people processes, and embedded the values in business processes, practices and policies. This has also gone hand in hand with an increased focus on robust controls and greater personal accountability.

Against this backdrop, Deutsche Bank places increasing importance on managing and developing employee performance holistically and regularly giving feedback and taking appropriate actions. For instance, all talent development programs have a strong culture component as part of their curriculum. When employees are being considered for promotion, it is now standard for managers to assess how candidates demonstrate the values and beliefs in their daily business. Also, for the second consecutive year, the annual performance management cycle focused as much on how employees go about their work as on the results they achieve.

Effective consequence management as well as escalation and sanctioning mechanisms are basic conditions for cultural change. The Bank has improved its processes and practices and installed clear escalation mechanisms to ensure compliance and investigate misconduct and take disciplinary action as required.

In 2015, recruitment and referral processes and policies were strengthened to ensure new employees fulfill the Bank’s requirements on conduct and living the corporate values. In close cooperation with Compliance, Deutsche Bank also rolled out a new mandatory training for all employees on its Code of Conduct and Business Ethics.

People Survey

Conducted in June, Deutsche Bank’s 2015 People Survey provided a detailed understanding of how employees experience the Bank and their immediate working environment, as well as how they engage with their managers and peers. Almost 57,000 employees, or 63 % of the total workforce, defined as all permanent employees, including Post- bank colleagues who are part of PBC Banking Services, participated – an increase of 4.5 % on 2014. Deutsche Bank 1 – Management Report 98 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

Since the survey was updated in 2014 to capture aspects of the Bank’s culture, results have shown progress in both familiarity and engagement with the corporate values and beliefs: Employees’ awareness rose to 93 % (2014: 85 %), while engagement was at 61 %, up 5 percentage points from the previous year. However, although employees wit- nessed an increase in behavioral changes, they said they require more tangible evidence that living the values has a positive impact on achieving Deutsche Bank’s strategic objectives. For this reason, the focus will shift from building awareness to putting the values and beliefs into practice and creating clearer links between culture, conduct and achieving business results.

The commitment level declined to 62 % in 2015, as Deutsche Bank continued to face a number of challenges. While the personal motivation of employees remained stable and at high levels, commitment to working at Deutsche Bank decreased as measured in June 2015. Enablement was stable at 68 %, with staff experiencing a working environment that allows them to make good use of their skills and fulfill interesting tasks. However, they also identified some barriers to effectiveness, such as some inefficient processes, which need to be overcome.

Strong commitment to diversity

Deutsche Bank is committed to an inclusive culture that respects and embraces the diversity of employees, clients and communities. The Bank aims to attract, develop and retain the most capable employees from all cultures and countries, and of all ethnicities, races, genders, sexual orientations, abilities, beliefs, backgrounds and experiences.

In line with its voluntary commitment – made in 2011 together with the other DAX 30 companies – to substantially raise the proportion of female managers by the end of 2018, the Bank has focused on building a steady pipeline of female executives for broader and more senior positions. In 2015, the percentage of women at Managing Director and Director level rose to 20.5 % from 19.4 % in 2014. The share of female officers increased to 32.5 % (2014: 31.7 %). Further- more, the Bank’s Accomplished Top Leaders Advancement Strategy (ATLAS) and Women Global Leaders (WGL) programs have continued with success. Since its launch in 2009, 56 women (2015: 15) have participated in the award- winning ATLAS program, with around 50 % having taken on more responsibility since completion. In 2015, 37 female Directors from across Deutsche Bank participated in the WGL program, designed and delivered in partnership with INSEAD business school. Since inception in 2010, one in two participants has been promoted within three years of completion.

Deutsche Bank will continue its efforts to advance women in the workplace under new gender quota legislation introduced in Germany in 2015. The percentage of women on Deutsche Bank’s Supervisory Board stood at 35 % at the end of 2015, above the new statutory requirement of 30 % for listed and co-determined German companies. The Supervisory Board set a target of at least one female member of the Management Board by June 30, 2017. The target was met with the appointment of Sylvie Matherat, Chief Regulatory Officer, to the Management Board on November 1, 2015. It is planned that another female executive, Chief Operating Officer Kim Hammonds, will join the Management Board in the course of 2016. Deutsche Bank has also set itself targets for the first two management levels below the Management Board of 17 % and 21 %, respectively, by June 30, 2017.

Among a wide range of diversity topics, we actively support LGBTI (lesbian, gay, bisexual, transgender, intersexual) initiatives around the world and take part in several events every year. Deutsche Bank has received various accolades honoring its commitment to LGBTI causes. For example, it was awarded the maximum score of 100 in the Human Rights Campaign’s annual Corporate Equality Index for the 13th consecutive year.

Diversity is embedded in our people processes – from recruitment to leadership development – and reflected in all HR- related offerings, including parental leave coaching and part-time job schemes. Managers are responsible to ensure they foster diverse capabilities and lead inclusively, with hiring and promotion programs also reflecting key aspects of the Bank’s diversity principles. 99 Deutsche Bank Operating and Financial Review – 3 Non-Financial Key Performance Annual Financial Statements Outlook – 14 Indicators – 96 and Management Report Risk and Opportunities – 21 Information pursuant to Section – 289 (4) of Deutsche Bank AG 2015 Risk Report – 24 of the German Commercial Code and Compensation Report – 51 Explanatory Report – 100 Internal Control over Financial Reporting – 92

Developing employees and creating future leaders

The Bank seeks to build the capabilities of managers and staff to help them develop both professionally and personally and to position the organization for future success. Talent and development activities are aligned to three priorities: building leadership capabilities and developing future leaders; fostering an environment that supports sustainable performance; and promoting continual professional and personal development for all employees.

To help managers settle into and grow within their roles, Deutsche Bank offers two new “Management Fundamentals” programs, with a core version addressing new managers up to Vice President level who are taking on people management responsibilities at the Bank for the first time, and an executive version for Directors and Managing Directors. In 2015, around 750 staff attended the core version, with 1,500 in more than 15 locations expected to participate in 2016. The program is built around three key areas: leading people, driving business and shaping culture. There are also a number of “Acceleration Programs“ for individuals who have the potential to be future leaders, preparing them for the next stage of their development and ensuring they gather the right skills and experience to accelerate their careers.

A balanced approach to talent acquisition

Against the backdrop of strategic repositioning, Deutsche Bank has adopted a balanced approach to talent acquisition. It relies both on leveraging the skills and experience already available within the organization, while bringing in the necessary capabilities that will help position the Bank for long-term sustainable performance.

Throughout the year, more than one-third of open roles were filled internally at a global level, with a much higher ratio seen in Germany (60 %). Together with other development moves, more than 10,000 full-time employees assumed new roles in the Bank in 2015. The year also saw more than 750 graduates hired, one of the largest classes ever, joining the Bank across all business divisions and infrastructure functions. During a joint induction and orientation program in the summer, the graduates were introduced to the Bank’s business and culture, trained in relevant technical skills, and afforded an opportunity to build a network upon joining.

Furthermore, Deutsche Bank hired 863 new apprentices in 2015, an increase of 3.7 % from the previous year amid greater demand for dual students and apprentices in office administration. In turn, 475 young people who had completed their training were awarded employment.

For further details on Deutsche Bank’s strategic HR priorities and achievements, please refer to the Bank’s 2015 HR Report. Deutsche Bank 1 – Management Report 100 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

Information pursuant to Section 289 (4) of the German Commercial Code and Explanatory Report

Structure of the Share Capital including Authorized and Conditional Capital

For information regarding Deutsche Bank’s share capital please refer to the “Common Shares” under the section “Notes to the Consolidated Financial Statements”.

Restrictions on Voting Rights or the Transfer of Shares

Under Section 136 of the German Stock Corporation Act the voting right of the affected shares is excluded by law. As far as the bank held own shares as of December 31, 2015 in its portfolio according to Section 71b of the German Stock Corporation Act no rights could be exercised. We are not aware of any other restrictions on voting rights or the transfer of shares.

Shareholdings which Exceed 10% of the Voting Rights

The German Securities Trading Act (Wertpapierhandelsgesetz) requires any investor whose share of voting rights reaches, exceeds or falls below certain thresholds as the result of purchases, disposals or otherwise, must notify us and the German Federal Financial Supervisory Authority (BaFin) thereof. The lowest threshold is 3 %. We are not aware of any shareholder holding directly or indirectly 10 % or more of the voting rights.

Shares with Special Control Rights

Shares which confer special control rights have not been issued.

System of Control of any Employee Share Scheme where the Control Rights are not Exercised Directly by the Employees

The employees, who hold Deutsche Bank shares, exercise their control rights as other shareholders in accordance with applicable law and the Articles of Association (Satzung). 101 Deutsche Bank Operating and Financial Review – 3 Non-Financial Key Performance Annual Financial Statements Outlook – 14 Indicators – 96 and Management Report Risk and Opportunities – 21 Information pursuant to Section – 289 (4) of Deutsche Bank AG 2015 Risk Report – 24 of the German Commercial Code and Compensation Report – 51 Explanatory Report – 100 Internal Control over Financial Reporting – 92

Rules Governing the Appointment and Replacement of Members of the Management Board

Pursuant to the German Stock Corporation Act (Section 84) and the Articles of Association of Deutsche Bank (Section 6) the members of the Management Board are appointed by the Supervisory Board. The number of Management Board members is determined by the Supervisory Board. According to the Articles of Association, the Management Board has at least three members. The Supervisory Board may appoint one or two members of the Management Board as Chairpersons of the Management Board. Members of the Management Board may be appointed for a maximum term of up to five years. They may be re-appointed or have their term extended for one or more terms of up to a maximum of five years each. The German Co-Determination Act (Mitbestimmungsgesetz; Section 31) requires a majority of at least two thirds of the members of the Supervisory Board to appoint members of the Management Board. If such majority is not achieved, the Mediation Committee shall give, within one month, a recommendation for the appointment to the Management Board. The Supervisory Board will then appoint the members of the Management Board with the majority of its members. If such appointment fails, the Chairperson of the Supervisory Board shall have two votes in a new vote. If a required member of the Management Board has not been appointed, the Local Court (Amtsgericht) in Frankfurt am Main shall, in urgent cases, make the necessary appointments upon motion by any party concerned (Section 85 of the Stock Corporation Act).

Pursuant to the German Banking Act (Kreditwesengesetz) and Regulation (EU) No 468/2014 of the European Central Bank (SSM Framework Regulation) evidence must be provided to the European Central Bank (ECB), the German Federal Financial Supervisory Authority (BaFin) and the Deutsche Bundesbank that the member of the Management Board has adequate theoretical and practical experience of the businesses of the Bank as well as managerial experience before the member is appointed (Sections 24 (1) No. 1 and 25c (1) of the Banking Act, Article 93 of the SSM Framework Regulation).

The Supervisory Board may revoke the appointment of an individual as member of the Management Board or as Chairperson of the Management Board for good cause. Such cause includes in particular a gross breach of duties, the inability to manage the Bank properly or a vote of no-confidence by the shareholders’ meeting (Hauptversammlung, referred to as the General Meeting), unless such vote of no-confidence was made for obviously arbitrary reasons.

The ECB or the BaFin may appoint a special representative and transfer to such special representative the responsibility and powers of individual members of the Management Board if such members are not trustworthy or do not have the required competencies or if the credit institution does not have the required number of Management Board members. If members of the Management Board are not trustworthy or do not have the required expertise or if they have missed a material violation of the principles of sound management or if they have not addressed identified violations, the BaFin may transfer to the special representative the responsibility and powers of the Management Board in its entirety. In any such case, the responsibility and powers of the Management Board members concerned are sus- pended (Section 45c (1) through (3) of the Banking Act, Article 93 (2) of the SSM Framework Regulation).

If the discharge of a bank’s obligations to its creditors is endangered or if there are valid concerns that effective supervision of the bank is not possible, the BaFin may take temporary measures to avert that risk. It may also prohibit members of the Management Board from carrying out their activities or impose limitations on such activities (Section 46 (1) of the Banking Act). In such case, the Local Court Frankfurt am Main shall, at the request of the BaFin appoint the necessary members of the Management Board, if, as a result of such prohibition, the Management Board does no longer have the necessary number of members in order to conduct the business (Section 46 (2) of the Banking Act). Deutsche Bank 1 – Management Report 102 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

Rules Governing the Amendment of the Articles of Association

Any amendment of the Articles of Association requires a resolution of the General Meeting (Section 179 of the Stock Corporation Act). The authority to amend the Articles of Association in so far as such amendments merely relate to the wording, such as changes of the share capital as a result of the issuance of authorized capital, has been assigned to the Supervisory Board by the Articles of Association of Deutsche Bank (Section 20 (3)). Pursuant to the Articles of Association, the resolutions of the General Meeting are taken by a simple majority of votes and, in so far as a majority of capital stock is required, by a simple majority of capital stock, except where law or the Articles of Association determine otherwise (Section 20 (1)). Amendments to the Articles of Association become effective upon their entry in the Commercial Register (Section 181 (3) of the Stock Corporation Act).

Powers of the Management Board to Issue or Buy Back Shares

The Annual General Meeting of May 22, 2014 authorized the Management Board pursuant to Section 71 (1) No. 7 of the Stock Corporation Act to buy and sell, for the purpose of securities trading, own shares of Deutsche Bank AG on or before April 30, 2019, at prices which do not exceed or fall short of the average of the share prices (closing auction prices of the Deutsche Bank share in Xetra trading and/or in a comparable successor system on the Frankfurt Stock Exchange) on the respective three preceding stock exchange trading days by more than 10 %. In this context, the shares acquired for this purpose may not, at the end of any day, exceed 5 % of the share capital of Deutsche Bank AG.

The Annual General Meeting of May 21, 2015 authorized the Management Board pursuant to Section 71 (1) No. 8 of the Stock Corporation Act to buy, on or before April 30, 2020, own shares of Deutsche Bank AG in a total volume of up to 10 % of the share capital at the time the resolution was taken. Together with own shares acquired for trading purposes and/or for other reasons and which are from time to time in the company’s possession or attributable to the company pursuant to Sections 71a et seq. of the Stock Corporation Act, the own shares purchased on the basis of this authorization may not at any time exceed 10 % of the company’s respectively applicable share capital. The own shares may be bought through the stock exchange or by means of a public purchase offer to all shareholders. The counter- value for the purchase of shares (excluding ancillary purchase costs) through the stock exchange may not be more than 10 % higher or lower than the average of the share prices (closing auction prices of the Deutsche Bank share in Xetra trading and/or in a comparable successor system on the Frankfurt Stock Exchange) on the last three stock exchange trading days before the obligation to purchase. In the case of a public purchase offer, it may not be more than 10 % higher or lower than the average of the share prices (closing auction prices of the Deutsche Bank share in Xetra trading and/or in a comparable successor system on the Frankfurt Stock Exchange) on the last three stock exchange trading days before the day of publication of the offer. If the volume of shares offered in a public purchase offer exceeds the planned buyback volume, acceptance must be in proportion to the shares offered in each case. The pre- ferred acceptance of small quantities of up to 50 of the company’s shares offered for purchase per shareholder may be provided for.

The Management Board has also been authorized to dispose of the purchased shares and of any shares purchased on the basis of previous authorizations pursuant to Section 71 (1) No. 8 of the Stock Corporation Act on the stock exchange or by an offer to all shareholders. The Management Board has been authorized to dispose of the purchased shares against contribution-in-kind and excluding shareholders’ pre-emptive rights for the purpose of acquiring companies or shareholdings in companies or other assets. In addition, the Management Board has been authorized, in case it disposes of such own shares by offer to all shareholders, to grant to the holders of the option rights, convertible bonds and convertible participatory rights issued by the company and its affiliated companies pre-emptive rights to the extent to which they would be entitled to such rights if they exercised their option and/or conversion rights. Shareholders’ pre- emptive rights are excluded for these cases and to this extent. 103 Deutsche Bank Operating and Financial Review – 3 Non-Financial Key Performance Annual Financial Statements Outlook – 14 Indicators – 96 and Management Report Risk and Opportunities – 21 Information pursuant to Section – 289 (4) of Deutsche Bank AG 2015 Risk Report – 24 of the German Commercial Code and Compensation Report – 51 Explanatory Report – 100 Internal Control over Financial Reporting – 92

The Management Board has also been authorized with the exclusion of shareholders’ pre-emptive rights to use such own shares to issue staff shares to employees and retired employees of the company and its affiliated companies or to use them to service option rights on shares of the company and/or rights or duties to purchase shares of the company granted to employees or members of executive or non-executive management bodies of the company and of affiliated companies.

Furthermore, the Management Board has been authorized with the exclusion of shareholders’ pre-emptive rights to sell such own shares to third parties against cash payment if the purchase price is not substantially lower than the price of the shares on the stock exchange at the time of sale. Use may only be made of this authorization if it has been ensured that the number of shares sold on the basis of this authorization does not exceed 10 % of the company’s share capital at the time this authorization becomes effective or – if the amount is lower – at the time this authorization is exercised. Shares that are issued or sold during the validity of this authorization with the exclusion of pre-emptive rights, in direct or analogous application of Section 186 (3) sentence 4 Stock Corporation Act, are to be included in the maximum limit of 10 % of the share capital. Also to be included are shares that are to be issued to service option and/or conversion rights from convertible bonds, bonds with warrants, convertible participatory rights or participatory rights, if these bond or participatory rights are issued during the validity of this authorization with the exclusion of pre-emptive rights in corresponding application of Section 186 (3) sentence 4 Stock Corporation Act.

The Management Board has also been authorized to cancel shares acquired on the basis of this or a preceding authorization without the execution of this cancellation process requiring a further resolution by the General Meeting.

The Annual General Meeting of May 21, 2015 authorized the Management Board pursuant to Section 71 (1) No. 8 of the Stock Corporation Act to execute the purchase of shares under the resolved authorization also with the use of put and call options or forward purchase contracts. The company may accordingly sell to third parties put options based on physical delivery and buy call options from third parties if it is ensured by the option conditions that these options are fulfilled only with shares which themselves were acquired subject to compliance with the principle of equal treatment. All share purchases based on put or call options are limited to shares in a maximum volume of 5 % of the actual share capital at the time of the resolution by the General Meeting on this authorization. The term of the options must be selected such that the share purchase upon exercising the option is carried out at the latest on April 30, 2020.

The purchase price to be paid for the shares upon exercise of the put options or upon the maturity of the forward purchase may not exceed more than 10 % or fall below 10 % of the average of the share prices (closing auction prices of the Deutsche Bank share in Xetra trading and/or in a comparable successor system on the Frankfurt Stock Exchange) on the last three stock exchange trading days before conclusion of the respective transaction in each case excluding ancillary purchase costs but taking into account the option premium received. The call option may only be exercised if the purchase price to be paid does not exceed by more than 10 % or fall below 10 % of the average of the share prices (closing auction prices of the Deutsche Bank share in Xetra trading and/or in a comparable successor system on the Frankfurt Stock Exchange) on the last three stock exchange trading days before the acquisition of the shares.

To the sale and cancellation of shares acquired with the use of derivatives the general rules established by the General Meeting apply.

Own shares may continue to be purchased using existing derivatives that were agreed on the basis and during the existence of previous authorizations. Deutsche Bank 1 – Management Report 104 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

Significant Agreements which Take Effect, Alter or Terminate upon a Change of Control of the Company Following a Takeover Bid

Significant agreements which take effect, alter or terminate upon a change of control of the company following a takeover bid have not been entered into.

Agreements for Compensation in Case of a Takeover Bid

If a member of the Management Board leaves the bank within the scope of a change of control, she or he receives a one-off compensation payment described in greater detail in the Compensation Report.

For a limited number of executives with global or strategically important responsibility, legacy employment contracts are in place. Those contracts grant in case the employment relationship is terminated within a defined period within the scope of a change of control, without a reason for which the executives are responsible, or if these executives terminate their employment relationship because the company has taken certain measures leading to reduced responsibilities, entitlement to a severance payment. The calculation of the severance payment is, in principle, based on 1.5 times to 2.5 times the total annual remuneration (base salary as well as variable – cash and equity-based – compensation) granted before change of control. Here, the development of total remuneration in the three calendar years before change of control is taken into consideration accordingly. 2 Annual Financial Statements

Balance Sheet as of December 31, 2015 – 106 Income Statement for the period from January 1 to December 31, 2015 – 108 Notes to the Accounts – 109 General Information – 109 Notes to the Balance Sheet – 115 Notes to the Income Statement – 128 Other Information – 129 Shareholdings – 138 Management Bodies – 156 List of Mandates – 160 Deutsche Bank 2 – Annual Financial Statement 106 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

Balance Sheet as of December 31, 2015

Assets in € m. Dec 31, 2015 Dec 31, 2014 Cash reserve a) cash on hand 87 87 59 b) balances with central banks 59,828 59,828 41,055 thereof: with Deutsche Bundesbank 18,792 18,792 4,743 59,916 41,113 Debt instruments of public-sector entities and bills of exchange eligible for refinancing at central banks a) Treasury bills, discountable Treasury notes and similar debt instruments of public-sector entities 124 124 173 thereof: eligible for refinancing at Deutsche Bundesbank 0 0 55 b) bills of exchange 13 13 12 137 185 Receivables from banks a) Mortgage loans 70 70 7 b) loans to or guaranteed by public-sector entities 119 119 1,197 c) other receivables 198,380 198,380 192,653 198,568 193,856 thereof: repayable on demand 95,042 95,042 94,795 receivables collateralized by securities 5,335 5,335 6,691 Receivables from customers a) Mortgage loans 11,584 11,584 8,171 b) loans to or guaranteed by public-sector entities 9,106 9,106 10,262 c) other receivables 224,595 224,595 219,723 245,286 238,155 thereof: receivables collateralized by securities 5,679 5,679 3,593 Bonds and other fixed-income securities a) money market instruments aa) of public-sector issuers 1,391 1,391 2,546 thereof: eligible as collateral for Deutsche Bundesbank 0 0 0 1,391 1,391 2,546 b) bonds and notes ba) of public-sector issuers 40,998 40,998 20,787 thereof: eligible as collateral for Deutsche Bundesbank 21,552 21,552 13,266 bb) of other issuers 16,519 16,519 22,143 thereof: eligible as collateral for Deutsche Bundesbank 7,206 7,206 10,721 57,516 57,516 42,929 c) own debt instruments 29 29 100 nominal amount 30 30 100 58,937 45,576 Equity shares and other variable-yield securities 1,051 340 Trading assets 813,607 938,258 Participating interests 433 818 thereof: in banks 10 10 586 in financial services institutions 187 187 68 Investments in affiliated companies 43,423 48,709 thereof: in banks 11,878 11,878 12,298 in financial services institutions 212 212 224 Assets held in trust 46 72 thereof: loans on a trust basis 28 28 30 Intangible assets a) Self-developed intangible assets 2,322 2,322 1,605 b) Purchased intangible assets 92 92 59 c) Goodwill 42 42 96 d) Down-payments for intangible assets 0 0 0 2,456 1,760 Tangible assets 1,004 1,148 Sundry assets 5,881 5,042 Prepaid expenses a) from the issuance and loan business 68 68 69 b) other 1,004 1,004 880 1,072 949 Deferred tax assets 3,370 3,464 Overfunded plan assets 841 1,013 Total assets 1,436,029 1,520,459 107 Deutsche Bank Balance Sheet as Noes to the Accounts – 109 Annual Financial Statements of December 31 2015 – 106 and Management Report Income Statement for the period of Deutsche Bank AG 2015 from January 1 to December 31, 2015– 108

Liabilities and Shareholders' Equity in € m. Dec 31, 2015 Dec 31, 2014 Liabilities to banks c) other liabilities 261,385 261,385 262,224 261,385 262,224 thereof: repayable on demand 143,073 143,073 148,625 Liabilities to customers a) registered Mortgage Pfandbriefe issued 315 315 181 c) savings deposits ca) with agreed notice period of three months 2,837 2,837 2,785 cb) with agreed notice period of more than three months 1,472 1,472 2,272 4,308 4,308 5,057 d) other liabilities 277,814 277,814 263,729 282,437 268,968 thereof: repayable on demand 202,326 202,326 189,006 Liabilities in certificate form a) bonds in issue aa) Mortgage Pfandbriefe 5,641 5,641 5,116 ac) other bonds 96,607 96,607 92,079 102,248 102,248 97,194 b) other liabilities in certificate form 19,595 19,595 22,615 121,843 119,810 thereof: money market instruments 17,335 17,335 19,430 own acceptances and promissory notes in circulation 202 202 315 Trading liabilities 678,050 779,080 Liabilities held in trust 46 72 thereof: loans on a trust basis 28 28 30 Sundry liabilities 17,757 12,113 Deferred income a) from the issuance and loan business 65 65 104 b) other 753 753 1,215 818 1,319 Provisions a) provisions for pensions and similar obligations 56 56 48 b) provisions for taxes 699 699 733 c) other provisions 7,606 7,606 6,606 8,360 7,388 Subordinated liabilities 12,419 14,897 Instruments for Additional Tier 1 Regulatory Capital 5,159 4,847 Fund for general banking risks 1,926 2,926 thereof: trading-related special reserve according to Section 340e (4) HGB 1,476 1,476 1,826 Capital and reserves a) subscribed capital 3,531 3,531 3,531 less notional par value of own shares 1 (1) 0 3,530 3,530 3,530 conditional capital € 486 m. (Dec 31, 2014: € 486 m.) b) capital reserve 35,796 35,796 35,772 c) revenue reserves ca) statutory reserve 13 13 13 cd) other revenue reserves 6,323 6,323 6,332 6,336 6,336 6,344 d) distributable profit 165 165 1,169 45,828 46,816 Total liabilities and shareholders' equity 1,436,029 1,520,459

Contingent liabilities b) liabilities from guarantees and indemnity agreements 54,526 54,526 60,392 c) liability arising from the provision of collateral for third-party 1 1 14 liabilities 54,527 60,406 Other obligations b) placement and underwriting obligations 46 46 0 c) irrevocable loan commitments 135,151 135,151 120,408 135,197 120,408

0 0 Deutsche Bank 2 – Annual Financial Statement 108 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

Income Statement for the period from January 1 to December 31, 2015

in € m. 2015 2014 Interest income from a) lending and money market business 8,213 8,213 8,367 b) fixed-income securities and government-inscribed debt 2,150 2,150 1,861 10,363 10,363 10,227 Interest expenses 6,807 6,807 7,264 3,556 2,963 Current income from a) equity shares and other variable-yield securities 3,248 3,248 2,626 b) participating interests 177 177 60 c) investments in affiliated companies 5,214 5,214 2,496 8,639 5,181 Income from profit-pooling, profit-transfer and partial profit-transfer agreements 72 630 Commission income 9,065 9,065 8,731 Commission expenses 1,531 1,531 1,497 7,535 7,233 Net trading result 2,404 2,456 thereof: release of trading-related special reserve according to section 340e (4) HGB 350 350 0 Other operating income 3,019 2,159 Administrative expenses a) staff expenses aa) wages and salaries 4,988 4,988 4,502 ab) compulsory social security contributions and expenses for pensions and other employee benefits 784 784 465 5,772 5,772 4,967 thereof: for pensions € 73 m. (2014: € (196) m.) b) other administrative expenses 8,863 8,863 7,683 14,635 12,650 Depreciation, amortization and write-downs of and value adjustments to tangible and intangible assets 791 645 Other operating expenses 6,584 4,441 Write-downs of and value adjustments to claims and certain securities as well as additions to provisions for loan losses 506 700 Write-downs of and value adjustments to participating interests, investments in affiliated companies and securities treated as fixed assets 1,643 57 Expenses from assumption of losses 680 130 Releases from/Additions (–) to the fund for general banking risks 650 (250) Result from ordinary activities 1,036 1,749 Extraordinary income 28 28 298 Extraordinary expenses 162 162 108 Extraordinary result (133) 190 Income taxes 755 755 602 thereof: deferred taxes € 210 m. (2014: € 703 m.) Other taxes, unless reported under "Other operating expenses" 117 117 74 872 676 Net income 30 1,263 Profit carried forward from the previous year 135 156 165 1,419 Allocations to revenue reserves – to other revenue reserves 0 0 250 0 250 Distributable profit 165 1,169 109 Deutsche Bank Balance Sheet as Noes to the Accounts – 109 Annual Financial Statements of December 31, 2015 – 106 and Management Report Income Statement for the period of Deutsche Bank AG 2015 from January 1 to December 31, 2015 – 108

General Information

The annual financial statements of Deutsche Bank AG for the financial year 2015 have been prepared in accordance with the German Commercial Code (“HGB”) as well as the Statutory Order on Banks’ and Financial service institutions’ Accounts (“RechKredV”). Company-law regulations have been complied with. For the sake of clarity, the figures are reported in million of euros (€).

Basis of Presentation

Accounting policies for:

Receivables

Receivables which are held with a trading intent are accounted for as described in the separate paragraph “Trading activities”.

Receivables from banks and customers which do not qualify as trading assets are generally reported at their nominal amount or at acquisition cost less necessary impairments. If, in a subsequent period, the amount of the impairment loss decreases and the decrease in impairment can be objectively related to an event occurring after the impairment was recognized, the previously recognized impairment is reversed through the income statement.

Risk provisioning

Provisioning for loan losses comprises impairments and provisions for all identifiable credit and country risks, for inherent default risks and the provision for general banking risks. Provisions for credit risks are reflected in accordance with the prudence principle at the amount of expected losses.

The transfer risk for loans to borrowers in foreign states (country risk) is assessed using a rating system that takes into account the economic, political and regional situation. When recognizing provisions for cross-border exposures to certain foreign states the prudence principle is applied.

Provisions for inherent credit risk are reflected in the form of general value adjustments in accordance with commercial law principles. In addition, general banking risks are provisioned pursuant to Section 340f HGB. The offsetting option available under Section 340f (3) HGB has been utilized.

Securities

Bonds and other fixed income securities as well as equity shares and other variable-yield securities which are held for trading purposes are accounted for as described in the separate paragraph “Trading activities”.

Certain holdings of bonds and other fixed-income securities for which the intent is to hold them for the foreseeable future are classified as non-current assets and accounted for using the moderate lower-of-cost-or-market rule. This means that the respective securities are carried at acquisition cost less other than temporary impairment.

If bonds and other fixed-income securities are neither held for the foreseeable future nor form part of the trading portfolio, they are classified as current assets and are accounted for using the strict lower-of-cost-or-market rule. This means that they are carried at the lower of acquisition cost or market respectively attributable value. Deutsche Bank 2 – Annual Financial Statement 110 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

The same applies to equity shares and other variable-yield securities which, if they are not part of the trading portfolio, are generally accounted for as current assets.

Securities are written up pursuant to the requirement to reinstate original values if the reason for the write-up can be objectively related to an event occurring after the write-down was recognized.

Embedded Derivatives

Some hybrid contracts contain both a derivative and a non derivative component. In such cases, the derivative component is referred to as embedded derivative, with the non derivative component representing the host contract. Where the economic characteristics and risks of embedded derivatives are not closely related to those of the host contract, and the hybrid contract itself is not carried as a trading activity at fair value through profit or loss, the embedded derivative is bifurcated following general principles. The host contract is accounted for at amortized cost or settlement amount.

Credit Derivatives

Credit derivatives held or incurred with a trading intent are accounted for as described in the separate paragraph “Trad- ing activities”.

Other credit derivatives held which qualify as collateral for incurred credit risk are not accounted for separately, but rather taken into account in the risk provisioning for the underlying transaction

Trading activities

Financial instruments (including positive and negative market values of derivative financial instruments) as well as precious metals which are held or incurred with a trading intent are recognized at fair value less risk adjustment. In addition to the value-at-risk adjustment a de-facto limit on profit distribution for net trading P&L exists because each fiscal year a certain portion of net trading revenues has to be allocated to a trading-related special reserve which is part of the fund for general banking risk.

Fair value is defined as the amount at which a financial instrument could be exchanged in a current transaction between knowledgeable, willing and unrelated parties, other than in a forced sale or liquidation. Where avail-able, fair value is based on observable market prices and parameters or derived from such prices or parameters. The availability of observable data varies by product and market and may change over time. Where observable prices or inputs are not available, valuation techniques appropriate to the particular instrument are applied.

If fair value is estimated by using a valuation technique or derived from observable prices or parameters, significant judgment may be required. Such estimates are inherently uncertain and susceptible to change. Therefore, actual results and the financial position may differ from these estimates.

The fair valuation of financial instruments includes valuation adjustments for close-out costs, liquidity risk and counterparty risk as well as funding considerations for uncollateralized trading derivatives.

In order to reflect any remaining realization risk for unrealized gains, the result of the fair value measurement is reduced by a risk adjustment, which is deducted from trading assets. The risk adjustment is based on value-at-risk which is calculated using a holding period of ten days and a confidence level of 99 %.

The trading-related special reserve is provided for by taking at least 10 % of the net trading revenues (after risk adjustment) and must not exceed the total amount of net trading revenues of the respective fiscal year. It has to be provided for until the trading-related special reserve corresponds to 50 % of the five-year average of net trading revenues after risk adjustment.

The reserve may only be consumed to either release an amount exceeding the 50 % limit or to cover net trading losses. 111 Deutsche Bank Balance Sheet as Noes to the Accounts – 109 Annual Financial Statements of December 31, 2015 – 106 and Management Report Income Statement for the period of Deutsche Bank AG 2015 from January 1 to December 31, 2015 – 108

Financial instruments and precious metals held for trading are separately presented as “Trading assets” or “Trading liabilities” on the face of the balance sheet. Forward contracts to buy or sell commodities do basically not qualify as financial instruments and can therefore not be assigned to trading assets.

Any changes in fair value after risk adjustment are recognized as “Net trading result”.

Under certain conditions, trading derivatives are offset against cash collateral posted by counterparties. On an individual counterparty basis, such derivatives qualify for offsetting which have been contracted under a master agreement with a credit support annex (“CSA”) and daily exchange of cash collateral. For each counterparty, the amount offset includes the carrying value of the derivatives as well as the collateral posted.

Valuation Units (Hedge Accounting)

In instances in which for accounting purposes assets, liabilities, pending transactions or highly probable forecasted transactions (hedged items) and financial instruments (hedging instruments) are designated in a valuation unit to achieve an offset for changes in fair value or cash flows attributable to the hedged risk the general measurement rules are not applicable. The bank generally utilizes the freeze method, which means that offsetting value changes related to the hedged risk are not recorded. Consequently, negative fair value changes related to the same type of risk are not recognized during the period of the hedge unless a net loss, i.e., negative ineffectiveness, arises which is recognized as a provision for imminent losses.

For the purpose of hedge accounting forward contracts to buy or sell commodities are treated as financial instruments.

Reclassifications

Receivables and securities have to be classified as trading activities, liquidity reserve or non-current investments at inception.

A reclassification into trading after initial recognition is not permitted and a reclassification from trading activities is only allowed if the intent changes due to exceptional market conditions, especially conditions that adversely affect the ability to trade. Furthermore, financial instruments held with a trading intent may be designated subsequently as hedging instruments into a valuation unit.

A reclassification between the categories liquidity reserve and non-current investments occurs when there is a clear change in management intent after initial recognition which is documented.

The reclassifications are made when the intent changes and at the fair value as of the reclassification date.

Participating interests and investments in affiliated companies

Participating interests are recognized either at cost or utilizing the option available under Section 253 HGB at their lower fair value.

Investments in affiliated companies are accounted for at moderate lower-of-cost-or-market. This means that write- downs are only recognized if the impairment is considered other than temporary.

To determine the fair value of affiliated companies, a discounted cash-flow model is applied. The model discounts the expected free cash-flows for a five year horizon using a risk-adjusted interest rate. For the time after the five year period, the sustainable plan development is projected to determine the terminal value. The valuation includes measurable synergies for certain affiliated companies for the first time. Deutsche Bank 2 – Annual Financial Statement 112 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

Participating interests and investments in affiliated companies are written up pursuant to the requirement to reinstate original values if the reason for the write-up can be objectively related to an event occurring after the write-down was recognized. The offsetting option available under Section 340c (2) HGB has been utilized.

Tangible and intangible assets

Tangible and intangible assets are reported at their acquisition or manufacturing cost less any depreciation or amortization. Self-developed brands, mastheads, publishing titles, customer lists and similar intangible assets are not recognized.

Write-downs are made for any impairment that is likely to be permanent.

Tangible and intangible assets have to be written up if the increase in value can be objectively related to an event occurring after the write-down was recognized.

Low-value assets are written off in the year in which they are acquired.

Derecognition of assets

An asset is generally derecognized when legal ownership is transferred.

However, if the seller irrespective of the asset’s legal transfer retains the majority of risks and rewards of ownership, the asset is not derecognized.

Since 1 January 2010 securities lending/borrowing transactions in accordance with Section 246 (1) sentence 2 HGB remain recognized in the transferor’s balance sheet. Therefore the securities lent are not derecognized by the transferor because he is exposed to the majority of risks and rewards of ownership.

Liabilities

Liabilities are recognized at their settlement or nominal amounts. Zerobonds issued at a discount are reported at their present value.

Instruments qualifying as additional tier 1 capital

The instruments issued qualify as liabilities and are recognized at their settlement or nominal amount. Interest is accrued based on the expected payments to the investors in the instruments.

Provisions

Provisions for pensions and similar obligations are recognized in accordance with actuarial principles. Pension provisions are calculated using the projected unit credit method and using the average market rate for an assumed remaining term of 15 years as published by the German Federal Bank unless the pension plan’s remaining term is shorter.

Assets which are exclusively used to settle pensions and similar obligations and which are controlled neither by Deutsche Bank AG nor any creditor (plan assets) are fair valued and offset with the respective provisions. Overfunded obligations are recognized on the balance sheet as a net asset after offsetting of provisions. For underfunded pension obligations and obligations from the bank’s internally financed plans, the relevant provisions are made.

If the settlement amount of pensions and similar obligations is solely based on the fair value of securities held as non- current financial assets, the provision is measured at the fair value of these securities if the fair value exceeds the guaranteed minimum. 113 Deutsche Bank Balance Sheet as Noes to the Accounts – 109 Annual Financial Statements of December 31, 2015 – 106 and Management Report Income Statement for the period of Deutsche Bank AG 2015 from January 1 to December 31, 2015 – 108

Other provisions for uncertain liabilities or for onerous contracts (excluding trading activities) are recognized at their expected settlement amount applying the principles of prudent commercial judgment. Provisions for uncertain liabilities are discounted if the related cash outflows are not expected to arise within twelve months after the balance sheet date.

The assessment whether to recognize a provision for imminent losses comprises an evaluation whether a net loss is probable to arise for all interest-earning and interest-bearing positions which are not held with a trading intent, i.e., all positions within the banking book existing as of the reporting date.

The assessment whether a net loss is probable in respect of interest-earning and interest-bearing positions within the banking book requires comparing expected future net interest and expected future directly attributable fees with expected future funding and credit risk expenses as well as future expected administrative expenses associated with the interest-earning and interest-bearing positions as of the reporting date.

The assessment of a potential provision is aligned with the internal management of the interest-related position in the banking book. For open interest-related positions of the banking book a present value based approach is used supplemented by an analysis of the historic cost coverage of risk and administrative costs by net interest surpluses for the positions hedged against interest rate risk.

Deferred taxes

Deferred tax assets and deferred tax liabilities on temporary differences between the accounting and tax base for assets, liabilities and accruals are offset against each other and presented net on the balance sheet as either deferred tax assets or deferred tax liabilities. In determining deferred tax assets unused tax losses are taken into account, but only to the extent that they can be utilized within the following five years.

Treasury shares

If Deutsche Bank AG acquires its own shares (treasury shares) they are openly deducted at cost from capital and distributable reserves in a separate column on the face of the balance sheet with no gain or loss being recognized in the income statement.

If such treasury shares are subsequently sold the previously mentioned deduction is reversed and any amount exceeding the original acquisitions costs is to be recognized within capital reserves whereas a loss on the subsequent sale is to be recognized in revenue reserves.

Currency translation

Currency translation is consistent with the principles set forth in Sections 256a and 340h HGB.

Assets denominated in foreign currency and treated as fixed assets, but not separately covered in the same currency, are shown at historical cost unless the change in the foreign currency rate is other than temporary so that the assets have to be written down. Other foreign currency denominated assets and liabilities and outstanding cash deals are translated at the mid spot rate at the balance sheet date, and forward exchange deals at the forward rate at the balance sheet date.

The definition of those positions in foreign currency for which the bank applies the special coverage method according to Section 340h HGB reflects internal risk management procedures.

The accounting for gains and losses from currency translation depends on to which foreign currency positions they relate. Gains and losses from currency translation of trading assets and trading liabilities as well as gains and losses from the translation of positions which are specifically covered are recognized in the income statement. The same applies to foreign currency positions which are not specifically covered but have a remaining term of one year or less. In contrast, for foreign currency positions which are not specifically covered and have a remaining term of more than Deutsche Bank 2 – Annual Financial Statement 114 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

year in accordance with the imparity principle only the losses from currency translation are recognized. The result of currency translation is included in the net trading result and in other operating income and expenses.

The items on the balance sheets and the income statements of foreign branches are translated into euros at mid-rates at the respective balance sheet dates (closing-rate method). Differences resulting from the translation of balance sheet items within the bank – with the exception of exchange rate losses on the translation of the capital allocated to the branches outside Germany (including gains and losses carried forward) – are reported as sundry assets or sundry liabilities not affecting net income. 115 Deutsche Bank Balance Sheet as Noes to the Accounts – 109 Annual Financial Statements of December 31, 2015 – 106 and Management Report Income Statement for the period of Deutsche Bank AG 2015 from January 1 to December 31, 2015 – 108

Notes to the Balance Sheet

Securities

The table below provides a breakdown of the marketable securities contained in the listed balance sheet positions.

listed unlisted in € m. Dec 31, 2015 Dec 31, 2014 Dec 31, 2015 Dec 31, 2014 Bonds and other fixed-income securities 51,024 39,242 7,913 6,334 Equity shares and other variable-yield securities 596 31 4 54 Participating interests 4 573 40 18 Investments in affiliated companies 0 1,075 1,102 0

The increase in listed bonds and other fixed-income securities was mainly driven by increases in highly liquid securities held in the Strategic Liquidity Reserve and is the result of the ongoing optimization of the liquidity reserve.

Bonds and other fixed-income securities held as fixed assets are reported at amortized cost as Deutsche Bank intends to hold these securities for the foreseeable future. The lower fair value amounted at reporting date to € 1,541 million (carrying amount € 1,670 million). This portfolio mainly included reclassifications carried out in 2008 and 2009 due to significantly reduced liquidity in the financial markets. For those assets reclassified, a change of intent to hold for the foreseeable future rather than exit or trade in the short term occurred. These assets were reclassified with the lower fair value at reclassification date. The intrinsic value of these assets exceeded at reclassification date the estimated fair value. The securities classified as fixed assets were managed in separated portfolios.

Where available, the fair value was derived from observable prices or parameters. Where observable market prices or inputs were not available, valuation techniques appropriate for the particular instrument were applied. In one case the determination of the fair value of these fixed assets neither included the changes in liquidity spread since trade date following the intent to hold them in the long term, nor the changes in the credit spread since the credit risk was already considered in the provisions for credit losses.

Investments in investment funds

The following table shows a breakdown of investments in German and foreign investment funds by investment purpose, where the fund units held exceeded 10 %.

Dec 31, 2015 Difference between fair value and Distribution in in € m. Carrying value Fair value carrying value 2015 Equity funds 2,134 2,134 0 0 Bonds funds 89 89 0 0 Mixed funds 4,411 4,411 0 0 Currency funds 0 0 0 0 Commodities funds 51 51 0 0 Total 6,685 6,685 0 0

The investments in the funds were predominantly assigned to trading assets. Their carrying values corresponded to their fair values. The majority of the funds were exchange traded funds established by Deutsche Bank.

The conditions to postpone the redemption of fund units may vary from fund to fund. They may be based on a minimum asset value or make it discretionary to the fund directors. Restrictions for daily redemption of the fund units relate Deutsche Bank 2 – Annual Financial Statement 116 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

to cases where too many investors try to redeem at a specific point in time. In these cases the funds might postpone the redemption until such time that they can fulfill the redemption request.

Trading assets and liabilities

Financial instruments held with a trading intent

The following table provides a breakdown of trading assets and trading liabilities.

Dec 31, 2015 in € m. Trading assets in € m. Trading liabilities Derivative financial instruments 507,474 Derivative financial instruments 495,300 Receivables 129,506 Liabilities 182,750 Bonds and other fixed-income securities 71,989 Equity shares and other variable-yield securities 92,209 Sundry assets 12,848 Risk adjustment (420) Total 813,607 Total 678,050

The basic assumptions to determine the fair value using accepted valuation methods are presented in detail in the section “Basis of Presentation”.

The subsequent table breaks down the derivatives valued at fair value which correspond to trading derivatives, by type and volume.

Dec 31, 2015 in € m. Notional amount OTC products 35,661,260 interest rate-linked transactions 27,201,501 exchange rate-linked transactions 6,368,202 credit derivatives 1,406,390 equity- and index-linked transactions 642,792 other transactions 42,375 Exchange-traded products 6,924,104 interest rate-linked transactions 6,391,096 equity- and index-linked transactions 415,236 exchange rate-linked transactions 28,765 other transactions 89,007 Total 42,585,364

The amount, timing and the reliability of future cash flows are impacted by the interest rate environment, from the development in the equity and debt markets as well as the credit spreads and defaults.

Method and assumptions and risk adjustment amount

The calculation of the risk adjustment is based on the model to calculate the regulatory value-at-risk which incorporates financial instruments held or incurred for trading purposes. The valuation of trading assets might require various valuation adjustments e.g. for liquidity risks which are explained in more detail under “Basis of Presentation” in the section “Trading activities”.

The calculation of the value-at-risk adjustment (“VaR-adjustment”) is based on a holding period of ten days and a confidence level of 99 %. The observation period is 261 trading days.

In addition to the regulatory VaR-adjustment the risk adjustment was supplemented by additional risk figures related to Deutsche Bank’s own credit risk which is not covered by the VaR calculation. 117 Deutsche Bank Balance Sheet as Noes to the Accounts – 109 Annual Financial Statements of December 31, 2015 – 106 and Management Report Income Statement for the period of Deutsche Bank AG 2015 from January 1 to December 31, 2015 – 108

The absolute amount of the risk adjustment is € 420 million.

Change of criteria for the classification of financial instruments as trading

During the year 2015 the criteria related to the assignment of financial instruments to trading assets and liabilities remained unchanged.

Derivative financial instruments

Forward transactions

Forward transactions outstanding at the balance sheet date consisted mainly of the following types of business:

‒ interest rate-linked transactions: forward deals linked to debt instruments, forward rate agreements, interest rate swaps, interest futures, option rights in certificate form, option deals and option contracts linked to interest rates and indices; ‒ exchange rate-linked transactions: foreign exchange and precious metal forwards, cross-currency swaps, option rights in certificate form, option deals and option contracts linked to foreign exchange and precious metals, foreign exchange and precious metal futures; ‒ share-/index-related transactions: equity forwards and futures, index futures, option rights in certificate form, option deals and option contracts linked to equities and indices; ‒ credit derivatives: credit default swaps (CDS), total return swaps (TRS), credit linked notes (CLN).

The above types of transactions are concluded almost exclusively to hedge interest rate, exchange rate and market price fluctuations in trading activities.

Derivatives not accounted for at fair value

The subsequent table presents derivative financial instruments recorded as banking book derivatives that are generally not accounted for at fair value.

Dec 31, 2015 Notional Carrying value Fair value in € m. amount positive negative positive negative OTC products interest rate-related transactions 835,320 780 830 3,455 2,782 exchange rate-related transactions 112,175 450 111 928 9,761 equity/ index-related transactions 87 15 0 196 0 credit derivatives 6,237 35 73 52 73 other transactions 236 201 0 202 16 Total 954,056 1,482 1,014 4,833 12,631

The carrying values of derivatives generally not recorded at fair value are reported in “Sundry Assets” and “Sundry Liabilities”. Deutsche Bank 2 – Annual Financial Statement 118 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

Valuation Units (Hedge Accounting)

Deutsche Bank AG enters into valuation units via fair value hedges, to protect itself essentially through interest rate swaps and options against fair value changes of fixed rate securities resulting from changes in market rates.

In case credit derivatives in the banking book do not qualify for loan collateral treatment, hedge accounting is applied in line with pronouncement IDW RS BFA 1.

Additional risks resulting from bifurcatable derivatives embedded in hybrid financial instruments are hedged as well via microhedge relationships.

In addition to the cases described above Deutsche Bank hedges commodity risks via micro- and portfolio-hedge relationships.

The subsequent table provides an overview of the hedged items in valuation units including the amount of hedged risks. For hedged assets and hedged liabilities the carrying value is presented as well.

Dec 31, 2015 in € m. Carrying value Amount of secured risk Secured assets, total 53,470 444 Secured liabilities, total 112,899 (4,197)

Notional amount Amount of secured risk Pending transactions 26,465 1,491

The amount of hedged risk, if negative, represents the cumulative decrease in fair value for assets respectively the cumulative increase of fair value for liabilities since inception of the hedge relationship that were not recognized in profit and loss net, after considering hedges. Positive amounts of hedged risk correspond to the cumulative increase in fair value of assets respectively the cumulative decrease in fair value of liabilities that were not recognized in profit and loss net, after considering hedges.

Using foreign exchange forwards and swaps, Deutsche Bank AG contracts fair value hedges of foreign-exchange risks of its branches dotational capital and profit/loss carried forward representing the net asset value exposed to foreign exchange risk. The carrying amount of the net position hedged via macro hedges amounts to € 30.4 billion. The amount of hedged risk is negative € 681 million. The final offset of the mirroring spot rate changes takes place at the point in time when the dotational capital is redeemed.

In instances where the contractual terms of hedged item and hedging instrument are exactly offsetting, both prospective assessment of effectiveness and retrospective measurement of ineffectiveness of a valuation unit are based on the matching of critical terms. In addition the bank may utilize statistic methods and regression analysis for the assessment of effectiveness. Deutsche Bank AG compares the amounts of the changes of fair values of hedged items and hedging instruments (dollar-offset method). The valuation units are generally established over the remaining maturity of the hedged items. 119 Deutsche Bank Balance Sheet as Noes to the Accounts – 109 Annual Financial Statements of December 31, 2015 – 106 and Management Report Income Statement for the period of Deutsche Bank AG 2015 from January 1 to December 31, 2015 – 108

Fixed Assets

The following schedule shows the changes in fixed assets.

Depreciation/amortization, write- Acquisition/manufacturing costs downs and value adjustments Book value Balance at therein Balance at Balance at Jan 1, current therein Dec 31, Dec 31, in € m. 2015 Additions Disposals Cumulative year disposals 2015 2014 Intangible assets 3,252 1,166 59 1,903 525 24 2,456 1,760 Self-developed intangible assets 2,281 1,0951 58 996 423 16 2,322 1,605 Purchased intangible assets 292 61 12 249 24 7 92 59 Goodwill 678 23 1 658 78 1 42 96 Down-payments 0 0 0 0 0 0 0 0 Tangible assets 3,415 211 577 2,046 240 465 1,004 1,148 Land and buildings 109 0 0 34 4 0 752 78 Office furniture and equipment 2,972 211 511 1,824 179 444 848 887 Leasing assets 334 0 66 188 57 21 81 183

Change Participating interests (385) 433 818 Investments in affiliated companies (5,286)3 43,423 48,709 Bonds and other fixed-income securities (579) 1,670 2,249 thereof: included in valuation units according to Section 254 HGB (910) 0 910 Equity shares and other variable- yield securities 0 6 6 thereof: included in valuation units according to Section 254 HGB 0 0 0 The option to combine financial assets pursuant to Section 34 (3) RechKredV has been utilized. Exchange rate changes at foreign branches resulting from currency translation at closing rates have been recognized in acquisition/manufacturing costs (balance at January 1, 2015) and in cumulative depreciation/amortization, write- downs and value adjustments. 1 Additions to self-developed intangible assets relate to self-developed software. 2 Land and buildings with a total book value of € 74 million were used as part of our own activities. 3 Investments in affiliated companies decreased by € 5.3 billion to € 43.4 billion. Additions of investments in affiliated companies amounted to € 1.7 billion compared to decreases of € 7.0 billion. The decrease was mainly attributable to capital decreases of € 5.3 billion and net impairments of investments of € 1.6 billion. It was partially offset by capital increases and a positive impact of foreign currency translation.

Intangible assets

The goodwill reported under intangible assets is amortized over its estimated useful life of between five and 15 years. Its determination is based on economic and organizational factors such as future growth and profit prospects, mode and duration of expected synergies, leveraging customer base and assembled workforce of the acquired business. Software classified as an intangible asset is amortized over its useful life.

Sundry assets and liabilities

Sundry assets of € 5.9 billion mainly consist of receivables from balloon-payments from swaps of € 2.1 billion, claims against tax authorities of € 1.4 billion and of receivables related to dividend payments from affiliated companies of € 1.1 billion.

Sundry liabilities of € 17.8 billion mainly contain equalization of assessment regarding specially covered FX positions according to §340h HGB amounting to € 9.2 billion, liabilities due to failed derecognition amounting to € 3.0 billion, FX revaluation effects for dotational capital and P&L carried forward of € 1.9 billion, operating expenditure to be paid amounting to € 864 million and liabilities from loss takeovers of € 701 million. Deutsche Bank 2 – Annual Financial Statement 120 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

Prepaid expenses

Prepaid expenses include discounts between the issuance and redemption amount for liabilities of € 86 million.

Deferred taxes

Deferred taxes are determined for temporary differences between commercial carrying amounts of assets and liabilities and accruals and their tax bases when it is anticipated that such differences will reverse in subsequent reporting periods. In this context, temporary differences of consolidated tax group subsidiaries/partnerships where Deutsche Bank AG is a shareholder/partner are included in the determination of Deutsche Bank AG’s deferred taxes as well. In addition, unused tax losses are taken into account when determining deferred tax assets, to the extent that they will be utilized within the following five years. The measurement of deferred taxes is based on the combined income tax rate of the tax group of Deutsche Bank AG which is currently 31 %. The combined income tax rate includes corporate tax, trade tax and solidarity surcharge.

By contrast, deferred taxes arising from temporary differences in German investments in the form of a partnership are measured based on a combined income tax rate which includes only the corporate income tax and solidarity surcharge; this currently amounts to 15.83 %.

Deferred taxes in foreign branches are measured with the applicable statutory tax rates which are mainly within a range of 20 % and 38 %.

In the reporting period an overall deferred tax asset of € 3.4 billion was presented on the balance sheet. Significant contributors were – Deutsche Bank AG – “domestic bank”, including deferred taxes of consolidated tax group subsidiaries, Deutsche Bank AG – New York Branch, and Deutsche Bank AG – London Branch. These are mainly based on unused tax losses and temporary differences, the latter mainly relating to staff related obligations and fair value meas- urements of loan portfolios and trading books.

Information on affiliated, associated and related companies

Affiliated companies Associated and related companies in € m. Dec 31, 2015 Dec 31, 2014 Dec 31, 2015 Dec 31, 2014 Receivables from banks 120,657 115,590 41 84 Receivables from customers 81,137 79,785 240 70 Bonds and other fixed-income securities 1,627 1,642 136 9 Liabilities to banks 115,324 129,838 54 38 Liabilities to customers 54,620 60,527 101 94 Liabilities in certificate form 1,172 1,167 0 0 Subordinated liabilities 6,771 11,584 0 0

Assets pledged as collateral

Assets were pledged for the following liabilities in € m. Dec 31, 2015 Dec 31, 2014 Liabilities to banks 29,832 25,740 Liabilities to customers 16,730 21,689 Trading liabilities 2,895 3,543 Other liabilities 299 300 121 Deutsche Bank Balance Sheet as Noes to the Accounts – 109 Annual Financial Statements of December 31, 2015 – 106 and Management Report Income Statement for the period of Deutsche Bank AG 2015 from January 1 to December 31, 2015 – 108

Transactions subject to sale and repurchase agreements

The book value of assets reported on the balance sheet and sold subject to a repurchase agreement in the amount of € 11.3 billion related exclusively to securities sold under repo agreements.

Trust business

Assets held in trust Liabilities held in trust in € m. Dec 31, 2015 Dec 31, 2014 in € m. Dec 31, 2015 Dec 31, 2014 Receivables from customers 28 30 Liabilities to banks 0 23 Bonds and other fixed-income securities 9 32 Liabilities to customers 46 49 Equity shares and other variable-yield securities 4 4 Participating interests 4 4 Sundry assets 2 2 Total 46 72 Total 46 72

Subordinated assets and liabilities

Subordinated assets in € m. Dec 31, 2015 Dec 31, 2014 Receivables from banks 250 250 Receivables from customers 210 245 Bonds and other fixed-income securities 1,768 1,153 Trading assets 10,206 8,650

Subordinated liabilities

Subordinated liabilities are issued in the form of fixed rate and floating rate securities, registered and bearer bonds and borrower’s note loans and have original maturities mostly within two and 23 years.

Deutsche Bank AG is not obliged to redeem subordinated liabilities in advance of the specified maturity date, however in some cases early redemption at the issuer's option is possible. In the event of liquidation or insolvency, the receivables and interest claims arising from these liabilities are subordinate to the non-subordinated receivables of all creditors of Deutsche Bank AG. The conversion of these funds into equity or another form of debt is not anticipated under the terms of the notes. These conditions also apply to subordinated liabilities not specified individually.

Material subordinated liabilities above € 1.0 billion Currency Amount in million Type Year of issuance Coupon Maturity € 1,150 Bearer bond 2010 5.000 % 24.06.20201 U.S.$ 1,500 Registered bond 2013 4.296 % 24.05.20281 € 1,000 Registered bond 2008 8.000 % 15.05.20381 U.S.$ 1,385 Registered bond 2008 8.050 % perpetual1 U.S.$ 1,975 Registered bond 2008 7.600 % perpetual1 € 1,250 Bearer bond 2015 2.750 % 17.02.20251 U.S.$ 1,500 Bearer bond 2015 4.500 % 01.04.20251 1 Pre-payment possibility due to callability of bonds.

Expenses for all subordinated liabilities of € 12.4 billion totalled € 249 million, including results from hedging derivatives. Accrued but not yet matured interest of € 196 million included in this figure is reported in sundry liabilities. Deutsche Bank 2 – Annual Financial Statement 122 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

Instruments for Additional Tier 1 Regulatory Capital

In 2014, Deutsche Bank AG placed Additional Tier 1 Notes (the “AT1 Notes” or “Notes”), amounting to € 4.7 billion. During 2015, no further AT1 Notes were issued.

The AT1 Notes constitute unsecured and subordinated notes of Deutsche Bank. The Notes bear interest on their nominal amount from the issue date to the first call date at a fixed annual rate. Thereafter the interest rate will be reset at five year intervals. The Notes contain features that may require Deutsche Bank and will permit Deutsche Bank in its sole and absolute discretion at all times and for any reason to cancel any payment of interest. If cancelled, interest payments are non-cumulative and will not increase to compensate for any shortfall in interest payments in any previous year. The Notes do not have a maturity date. They are redeemable by Deutsche Bank at its discretion on the respective first call date and at five year intervals thereafter or in other limited circumstances. In each case, the Notes are subject to limitations and conditions as described in the terms and conditions for example, the Notes can be redeemed by Deutsche Bank at its discretion, in whole but not in part, for certain regulatory or taxation reasons. Any redemption is subject to the prior consent of the competent supervisory authority. The redemption amount and the nominal amount of the Notes may be written down upon the occurrence of a trigger event. A trigger event occurs if the Common Equity Tier 1 capital ratio of Deutsche Bank Group, determined on a consolidated basis falls below 5.125 %. The Notes may also be written up, following a trigger event, subject to meeting certain conditions.

As of December 31, 2015 the notes amounted to € 5.2 billion. Related interest expense totaled € 353 million and included € 231 million of accrued interest as of year-end 2015, which was recorded within other liabilities.

AT1 Notes outstanding as of December 31, 2015

Currency Amount in million Type Year of issuance Coupon First call date Undated Non-cumulative Fixed to Reset Rate € 1,750 Additional Tier 1 Notes 2014 6.000 % 30.04.2022 Undated Non-cumulative Fixed to Reset Rate U.S.$ 1,250 Additional Tier 1 Notes 2014 6.250 % 30.04.2020 Undated Non-cumulative Fixed to Reset Rate GBP 650 Additional Tier 1 Notes 2014 7.125 % 30.04.2026 Undated Non-cumulative Fixed to Reset Rate U.S.$ 1,500 Additional Tier 1 Notes 2014 7.500 % 30.04.2025

Pensions and similar obligations

Deutsche Bank AG sponsors post-employment benefit plans for its employees (pension plans) which contain defined contribution as well as defined benefit plans.

The majority of the beneficiaries of these pension plans are located in Germany. The value of a participant’s accrued benefit is based primarily on each employee’s remuneration and length of service.

December 31 is the measurement date for all defined benefit plans. All plans are valued using the projected unit-credit method. The valuation requires the application of certain actuarial assumptions such as demographic developments, increase in remuneration for active staff and in pensions as well as inflation rates. The discount rate is determined pursuant to the rules of Section 253 (2) HGB. 123 Deutsche Bank Balance Sheet as Noes to the Accounts – 109 Annual Financial Statements of December 31, 2015 – 106 and Management Report Income Statement for the period of Deutsche Bank AG 2015 from January 1 to December 31, 2015 – 108

Assumptions used for pension plans Dec 31, 2015 Dec 31, 2014 Discount rate 3.76 % 4.44 % Inflation rate 1.60 % 1.70 % Rate of nominal increase in future compensation levels 2.10 % 2.20 % Rate of nominal increase for pensions in payment 1.50 % 1.60 % Mortality/disability tables Richttafeln Heubeck 2005 G Richttafeln Heubeck 2005 G

The obligations from these defined benefit pension benefits are, for the most part, externally funded. Overfunded obligations are recognized on the balance sheet as a net asset after netting of provisions. For underfunded pension obligations and obligations from the bank’s internally financed plans, the relevant provisions are recognized.

For defined contribution plans in Germany, where Deutsche Bank AG and other financial institutions are members of BVV, the subsidiary liability of employers contain the benefit payments and their legally required increases.

Furthermore, provisions are recognized for other similar long-term obligations, primarily in Germany, for example, for anniversary years of service or early retirement schemes. The bank funds these plans on a cash basis as the benefits are due.

Pension plans in € m. Dec 31, 2015 Dec 31, 2014 Pension obligation 5,038 4,586 Fair value of plan assets 5,824 5,548 thereof: cost of plan assets 5,261 5,133 thereof: total of unrealized gains within plan assets 562 415 Net overfunded amount at year end 786 962 Net pension asset 786 962 thereof: recognized as “Overfunded plan assets related to pension plans” 841 1,010 thereof: recognized as “Provisions for pensions and similar obligations” 56 48

Pension plans in € m. 2015 2014 Return from plan assets 216 481 Interest costs for the unwind of discount of pension obligations 590 398 Net interest income (expense) (374) 83 thereof: recognized as “Other operating income” 1 89 thereof: recognized as “Other operating expenses” 374 6

Other Provisions

in € Dec 31, 2015 Provisions for imminent losses 1,033 Provisions for loan losses 336 Remaining other provisions 6,237 Total other provisions 7,606

The remaining Other Provisions are set for the following (main) types of risk:

Staff related provisions have been set up to reflect additional compensation and benefits to employees. They relate to variable payments and deferred compensation, share-based compensation, obligations for early retirement and others. The provided amount totals € 2.3 billion.

Regulatory Enforcement provisions arise out of current or potential claims or proceedings alleging non-compliance with legal or regulatory responsibilities, which have resulted or may result in an assessment of fines or penalties by Deutsche Bank 2 – Annual Financial Statement 124 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

governmental regulatory agencies, self regulatory organizations or other enforcement authorities. The provision for this risk is € 2.2 billion per year end 2015.

Civil Litigation provisions arise out of current or potential claims or proceedings alleging non-compliance with contractual or other legal or regulatory responsibilities, which have resulted or may result in demands from customers, counterparties or other parties in civil litigations. The provision for this risk is € 914 million per year end 2015.

Operational provisions arise out of operational risk and exclude civil litigation and regulatory enforcement provisions, which are presented as separate classes of provisions. The provision for this risk is € 206 million per year end 2015.

Operational risk is the risk of loss resulting from inadequate or failed internal processes, people and systems, or from external events. The definition used for the purposes of determining operational provisions differs from the risk management definition, as it excludes risk of loss resulting from civil litigations or regulatory enforcement matters. For risk management purposes, operational risk includes legal risk, as payments to customers, counterparties and regulatory bodies in civil litigations or regulatory enforcement matters constitute loss events for operational shortcomings, but excludes business and reputational risk.

Restructuring provisions arise out of restructuring activities. The Group aims to enhance its long-term competitiveness through major reductions in costs, duplication and complexity in the years ahead. For details see Note “Restructuring”. The provision for these activities is € 94 million per year end 2015.

Sundry provisions are set to € 577 million per year end 2015.

Maturity structure

Maturity structure of receivables in € m. Dec 31, 2015 Dec 31, 2014 Other Receivables from banks without receivables repayable on demand 103,526 99,061 with a residual period of up to three months 39,912 47,765 more than three months and up to one year 20,473 21,188 more than one year and up to five years 25,166 18,094 more than five years 17,976 12,014 Receivables from customers 245,286 238,155 with a residual period of up to three months 133,886 133,267 more than three months and up to one year 18,649 43,056 more than one year and up to five years 64,715 37,745 more than five years 27,282 23,300 with an indefinite period 754 788

Of the bonds and other fixed-income securities of € 58.9 billion, € 4.3 billion mature in 2016. 125 Deutsche Bank Balance Sheet as Noes to the Accounts – 109 Annual Financial Statements of December 31, 2015 – 106 and Management Report Income Statement for the period of Deutsche Bank AG 2015 from January 1 to December 31, 2015 – 108

Maturity structure of liabilities

in € m. Dec 31, 2015 Dec 31, 2014 Liabilities to banks with agreed period or notice period 118,312 113,599 with a residual period of up to three months 55,485 61,319 more than three months and up to one year 24,254 27,141 more than one year and up to five years 29,494 20,538 more than five years 9,079 4,601 Savings deposits with agreed notice period of more than three months 1,472 2,272 with a residual period of up to three months 746 1,139 more than three months and up to one year 689 1,076 more than one year and up to five years 36 56 more than five years 1 1 Other liabilities to customers with agreed period or notice period 75,799 74,903 with a residual period of up to three months 39,376 41,044 more than three months and up to one year 20,280 20,871 more than one year and up to five years 8,030 5,006 more than five years 8,113 7,982 Other liabilities in certificate form 19,595 22,615 with a residual period of up to three months 5,044 5,609 more than three months and up to one year 14,227 16,225 more than one year and up to five years 325 782 more than five years 0 0

Of the issued bonds and notes of € 102.2 billion, € 20.5 billion mature in 2016.

Foreign currencies

The total amount of assets denominated in foreign currencies was equivalent to € 1,154.4 billion at the balance sheet date; the total value of liabilities was equivalent to € 1,024.6 billion.

Information regarding amount blocked according to Section 268 (8) HGB

The following table presents the amounts pursuant to Section 268 (8) HGB that should be considered for profit distribution. At Deutsche Bank AG the total distributable reserves after profit distribution plus the distributable profit are at least equal to the amounts to be considered. The individual positions include deferred tax liabilities, if applicable; therefore the amounts shown in the table may deviate from the corresponding balance sheet positions.

in € m. Dec 31, 2015 Self-developed intangible assets 2,207 Deferred tax assets 3,494 Unrealized gains of plan assets 554 Total undistributable amount 6,254 Deutsche Bank 2 – Annual Financial Statement 126 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

Capital and reserves

Own shares

In the course of 2015, the bank or its affiliated companies bought 294,601,805 Deutsche Bank shares at prevailing market prices and sold 294,654,984 Deutsche Bank shares at prevailing market prices for trading purposes. The purchase of its own shares was based on the authorization given by the General Meeting on May 22, 2014 pursuant to Section 71 (1) No. 7 AktG, whose limitations were adhered to for each share purchase and sale transaction. The average purchase price was € 28.07 and the average selling price was € 28.05 per share. The result was recognized in revenue reserves.

The bank’s own shares bought and sold for trading purposes during 2015 represented about 21 % of its share capital. The largest holding on any individual day was 0.07 % and the average daily holding 0.01 % of its share capital.

In addition, the bank was authorized to buy own shares by the General Meetings of May 21, 2015 and of May 22, 2014 pursuant to Section 71 (1) No. 8 AktG. The respective limitations were adhered to for each purchase and sale transaction. The authorization for the bank to purchase its own shares, which was given by the General Meeting on May 22, 2014 and valid until April 30, 2019, was cancelled once the authorization of May 21, 2015 came into effect.

Additionally the Annual General Meeting of May 21, 2015 authorized the Management Board pursuant to Section 71 (1) No. 8 AktG to execute the purchase of shares under the resolved authorization also with the use of put and call options or forward purchase contracts. The limitations concerning the use of such derivatives were adhered to for each purchase and sale transaction.

At the end of 2015, Deutsche Bank AG held 24,543 own shares pursuant to Section 71 (1) No. 7 AktG. Its holdings pursuant to Section 71 (1) No. 8 AktG amounted to 303,716 shares, or 0.02 % of its share capital. On December 31, 2015, 4,265,535 (end of 2014: 4,411,112) Deutsche Bank shares, i.e. 0.31 % (end of 2014: 0.32 %) of our share capital, were pledged to the bank and its affiliated companies as security for loans.

Changes in subscribed, authorized and conditional capital

The bank’s subscribed capital is divided into 1,379,273,131 registered no-par-value shares. Excluding holdings of the bank’s own shares, the number of shares outstanding at December 31, 2015 was 1,378,944,872 (end of 2014: 1,379,081,857). The average number of shares outstanding in the reporting period was 1,379,273,131.

Conditional capital in € Subscribed capital1 Authorized capital (yet to be utilized) Balance as of Dec 31, 2014 3,530,939,215.36 256,579,863.04 486,400,000.00 Cancellation pursuant to the General Meeting 0 (256,579,863.04) 0 resolution of May 21, 2015 Increase pursuant to the General Meeting 0 1,760,000,000.00 0 resolution of May 21, 2015 Balance as of Dec 31, 2015 3,530,939,215.36 1,760,000,000.00 486,400,000.00 1 Includes nominal value of treasury shares.

Details with regard to the authorized and the yet to be utilized conditional capital are presented in the Note concerning the Information pursuant to Section 289 (4) of the German Commercial Code. 127 Deutsche Bank Balance Sheet as Noes to the Accounts – 109 Annual Financial Statements of December 31, 2015 – 106 and Management Report Income Statement for the period of Deutsche Bank AG 2015 from January 1 to December 31, 2015 – 108

Changes in capital and reserves

in € m. Balance as of Dec 31, 2014 46,816 Distribution in 2015 (1,034) Profit carried forward (135) Treasury shares – Change in notional value in treasury shares (0) – Change of acquisition costs (3) – Realized net gains (non-trading) 25 – Realized result (trading) (5) – Realized net losses (non-trading) 0 17 Profit allocation to other revenue reserves 0 Distributable profit for 2015 165 Balance as of Dec 31, 2015 45,828 Deutsche Bank 2 – Annual Financial Statement 128 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

Notes to the Income Statement

Income by geographical market

The total amount of interest income, of current income from equity shares and other variable-yield securities, participating interests and investments in affiliated companies, of commission income, of net trading result and of other operating income is originated across various regions as shown by the following breakdown pursuant to Section 34 (2) RechKredV. in € m. 2015 2014 Germany 15,245 8,266 Europe excl. Germany 10,118 9,911 Americas 4,402 6,218 Africa/Asia/Australia 3,376 4,358 Total 33,141 28,754

The increase of income in Germany is mainly attributable to dividends from affiliated companies and the improved trading result. The decrease of income in the Americas is mainly attributable to the non-recurrence of a dividend from an affiliated company, paid in the prior year.

Interest income and interest expenses

Interest income from lending and money market business include, to a limited extent, negative interest, i.e. interest expenses on receivables, mainly from reverse repo transactions and other receivables in the money market business. Interest expenses include, to a limited extend, negative interest, i.e. interest income on liabilities, mainly in relation to repurchase agreements and other funding activities in the money market business.

Administrative and agency services provided for third parties

The following administrative and agency services were provided for third parties: custody services, referral of mortgages, insurance policies and home savings contracts, administration of assets held in trust, and asset management.

Result from the release of the special reserve according to section 340e (4) HGB

The special reserve that has to be recorded based on section 340e (4) HGB has been partly released by € 350 million in the reporting year, because the special reserve significantly exceeded 50% of the average net trading results of the last five years before the release. 129 Deutsche Bank Balance Sheet as Noes to the Accounts – 109 Annual Financial Statements of December 31, 2015 – 106 and Management Report Income Statement for the period of Deutsche Bank AG 2015 from January 1 to December 31, 2015 – 108

Other operating income and expenses

Other operating income of € 3.0 billion mainly consists of the result from non-trading derivatives of € 1.6 billion and income from currency translation regarding assets and liabilities, which amounted to € 350 million.

Other operating expenses of € 6.6 billion contain litigation expenses of € 3.6 billion. Also included in other operating expenses is the result from non-trading derivatives of € 2.0 billion as well as expenses for defined benefit plans, which amounted to € 374 million.

Extraordinary result

Extraordinary income of € 28.4 million relates to the reversal of restructuring provisions (2014: income of € 297.6 million related to a gain as a result of a merger of two affiliated companies). Extraordinary expenses of € 161.6 million reflect restructuring activities (2014: expenses of € 107.6 million).

Extraordinary income and expenses net to an extraordinary result of negative € 133.2 million (2014: € 190.0 million). Other Information

Off-balance sheet transactions

The bank discloses contingent liabilities and irrevocable loan commitments as off-balance sheet transactions as far as no provisions have been established for them. The decision, whether the disclosure of the contingent liabilities and irrevocable loan commitments will be shown off-balance sheet or recognized as provisions is taken upon the result of the evaluation of the credit risk. Contingent liabilities and irrevocable loan commitments are also reduced by the amount of cash collateral received, which is recorded as liability on the balance sheet.

The risk of losses from claims under contingent liabilities is mitigated by the possibility to recourse towards the respective customer and hence is based predominantly on the credit risk of the customer.

The bank evaluates the risk of losses from claims under contingent liabilities and irrevocable credit commitments before irrevocably entering into an obligation within a credit risk assessment of the customer or using an assessment of the customer’s expected compliance with the underlying obligation. Additionally the bank regularly assesses during the lifetime of the commitment whether losses are expected from claims under contingent liabilities and irrevocable loan commitments. In certain circumstances the bank requests the provision of collateral to reduce the risk of losses from claims. Loss amounts assessed within such evaluations are recorded on the balance sheet as provisions.

Contingent liabilities

In the normal course of business Deutsche Bank AG enters regularly into guarantees, letters of credit and credit liabilities on behalf of its customers. Under these contracts Deutsche Bank AG is required to make payments to the benefi- ciary based on third party’s failure to meet its obligations or to perform under an obligation agreement. For such contingencies it is not known to the bank in detail, if, when and to which extend claims will be made. If the credit risk monitoring provides sufficient perception about a loss from an expected drawing, a provision is recognized.

The following table shows the total potential payments under guarantees, letters of credit and credit liabilities after deduction of cash collateral and provisions recorded on the balance sheet. It shows the maximum amount of the potential utilization of Deutsche Bank AG in case all obligations entered into must be fulfilled and at the same time all recourse claims to the customers are not satisfied. The table therefore does not show the expected future cash flows Deutsche Bank 2 – Annual Financial Statement 130 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

from these contracts as many of these agreements will expire without being drawn or drawings will counterbalanced by recourse to the customer. in € m. Dec 31, 2015 Dec 31, 2014 Guarantees 41,322 48,594 Letters of credit 5,248 5,545 Credit liabilities 7,956 6,253

Irrevocable loan commitments

Irrevocable loan commitments amounted to € 135.2 billion as of December 31, 2015 and included commitments of € 129.1 billion for loans and discounts in favor of non-banks.

Deutsche Bank AG enters into irrevocable loan commitments to meet the financing needs of its customers. Irrevocable loan commitments represent the undrawn portion of Deutsche Bank’s obligation to grant loans which cannot be withdrawn by Deutsche Bank. These commitments are shown with the contractual amount after consideration of cash collateral received and provisions as recorded on the balance sheet. The amounts stated above do not represent expected future cash flows as many of these contracts will expire without being drawn. Even though the irrevocable loan commitments are not recognized on the balance sheet, Deutsche Bank AG considers them in monitoring the credit exposure. If the credit risk monitoring provides sufficient perception about a loss from an expected drawing, a provision is established.

Deutsche Bank AG is engaged in various business activities with certain entities, referred to as special purpose entities (“SPEs”), which are designed to achieve a specific business purpose. The principal uses of SPEs are to provide clients with access to specific portfolios of assets and risks and to provide market liquidity for clients through securitizing financial assets. Typically, Deutsche Bank AG will benefit by receiving service fees and commissions for the creation of the SPEs, or because it acts as investment manager, custodian or in some other function. SPEs may be established as corporations, trusts or partnerships. While our involvement with these entities can take many different forms, it consists primarily of liquidity facilities, which are disclosed off balance sheet as irrevocable loan commitments within “other obligations” below the line of the balance sheet. Deutsche Bank AG provides financial support to SPEs in connection with commercial paper conduit programs, asset securitizations, mutual funds and real estate leasing funds. Such vehicles are critical to the functioning of several significant investor markets, including the mortgage-backed and other asset-backed securities markets, since they offer investors access to specific cash flows and risks created through the securitization process. As of December 31, 2015, Deutsche Bank AG’s exposure has not had a material impact on its debt covenants, capital ratios, credit ratings or dividends.

Sundry obligations

Purchase obligations are legally enforceable and binding agreements to purchase goods or services at pre-defined terms such as minimum quantities or prices. When Deutsche Bank AG enters into such agreements there is the potential risk that terms and conditions of the contract are less favorable than terms and conditions at the time the goods or services are delivered or that related costs are higher than the economic benefit received. In case of an anticipated loss, Deutsche Bank AG may set aside a provision for onerous contracts.

Purchase obligations for goods and services amount to € 1.5 billion as of December 31, 2015, which include future payments for, among others, services such as information technology and facility management.

Leases are contracts in which the owner of an asset (lessor) grants the right to use this asset to another party (lessee) for a specific period of time in return for regular payments. A leasing contract is classified as Operating Lease if the agreement includes a limited or unlimited right of termination for the lessee. All main risks and benefits linked with the ownership of the asset remain with the lessor, the lessor remains economic owner. Operating leases provide an alternative to ownership as they enable the lessee to benefit from not having its resources invested in the asset. Deutsche Bank AG’s existing obligations arising from operating leases involve rental and leasing agreements for buildings, office furniture and equipment. The majority of these are leasing agreements for buildings, where Deutsche Bank AG is the 131 Deutsche Bank Balance Sheet as Noes to the Accounts – 109 Annual Financial Statements of December 31, 2015 – 106 and Management Report Income Statement for the period of Deutsche Bank AG 2015 from January 1 to December 31, 2015 – 108

lessee. As of December 31, 2015 payment obligations under rental agreements and leases amounted to € 2.3 billion and had residual maturities of up to 21 years.

As of December 31, 2015, including awards granted in early March 2016, unamortized deferred variable compensation costs amount to approximately € 1.1 billion.

Liabilities for possible calls on not fully paid-up shares in public and private limited companies and other shares amounted to € 240 million at the end of 2015.

Liabilities for possible calls on other shares totaled € 0.1 million at December 31, 2015.

Pursuant to Section 5 (10) of the Statute of the Deposit Protection Fund Deutsche Bank AG has undertaken to indemnify Bundesverband deutscher Banken e.V., Berlin, for any losses incurred through measures taken in favor of banks majority-held or controlled by Deutsche Bank AG.

Pursuant to Section 3 (1a) of the Statute of the Deposit Protection Fund for Banks’ Building and Loan Associations, Deutsche Bank AG has also undertaken to indemnify Fachverband für Bank-Bausparkassen e.V. for any losses incurred through measures taken in favor of Deutsche Bank Bauspar AG, Frankfurt am Main.

Irrevocable payment commitments related to bank levy according to Bank Recovery and Resolution Directive (BRRD) amounted to € 142 million.

Placement and underwriting commitments as of December 31, 2015 amounted to € 46 million.

As part of the business activity of our foreign branches, collateral security of € 25.0 billion was required by statutory regulations.

Obligations arising from transactions on futures and options exchanges and towards clearing houses for which securities were pledged as collateral amounted to € 10.1 billion as of December 31, 2015.

There are contingent liabilities totaling € 35 million, which is mainly attributable to the resale of the trading company Klöckner & Co. AG, Duisburg. Deutsche Bank 2 – Annual Financial Statement 132 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

Declaration of Backing

Deutsche Bank AG ensures, except in the case of political risk, that the following companies are able to meet their contractual liabilities:

DB Investments (GB) Limited, London Deutsche Bank (Suisse) SA, Geneva

Deutsche Asset & Wealth Management International Deutsche Bank Trust Company Americas, New York GmbH, Frankfurt am Main Deutsche Futures Singapore Pte Ltd, Singapore Deutsche Asset & Wealth Management Investment GmbH, Frankfurt am Main Deutsche Holdings (Malta) Ltd., St. Julians

Deutsche Australia Limited, Sydney Deutsche Immobilien Leasing GmbH, Düsseldorf

DEUTSCHE BANK A.Ş., Istanbul Deutsche Morgan Grenfell Group Public Limited Company, London Deutsche Bank Americas Holding Corp., Wilmington Deutsche Postbank AG, Bonn (until 30 June 2016)1 Deutsche Bank (China) Co., Ltd., Beijing Deutsche Securities Inc., Tokyo Deutsche Bank Europe GmbH, Frankfurt am Main Deutsche Securities Asia Limited, Hong Kong Deutsche Bank Luxembourg S.A., Luxembourg Deutsche Securities Saudi Arabia LLC, Riyadh Deutsche Bank (Malaysia) Berhad, Kuala Lumpur DWS Holding & Service GmbH, Frankfurt am Main Deutsche Bank Nederland N.V., Amsterdam DWS Investment S.A., Luxembourg Deutsche Bank Polska Spółka Akcyjna, Warsaw norisbank GmbH, Bonn Deutsche Bank Privat- und Geschäftskunden AG, Frankfurt am Main Public joint-stock company “Deutsche Bank DBU”, Kiev

Deutsche Bank S.A., Buenos Aires OOO “Deutsche Bank”, Moscow

Deutsche Bank S.A. – Banco Alemão, São Paulo Sal. Oppenheim jr. & Cie. AG & Co. KGaA, Köln

Deutsche Bank, Sociedad Anónima Española, Madrid

Deutsche Bank Società per Azioni, Milan

1 We have withdrawn and terminated the declaration of backing for Deutsche Postbank AG, last-mentioned in the Annual Report 2014, effective at the end of 30 June 2016. 133 Deutsche Bank Balance Sheet as Noes to the Accounts – 109 Annual Financial Statements of December 31, 2015 – 106 and Management Report Income Statement for the period of Deutsche Bank AG 2015 from January 1 to December 31, 2015 – 108

Disclosures according to Section 28 of the Pfandbrief Act

The following tables show the disclosures required by Section 28 of the Pfandbrief Act.

Overall Exposure (Section 28 (1) No. 1 Pfandbrief Act)

Dec 31, 2015 Present Value - Present Value - Present Value - Worst Case High Interest Low Interest Interest and FX Rate Stress Rate Stress Rate Stress in € m. Nominal Value Present Value Scenario Scenario Scenario Mortgage Pfandbriefe 5,886.9 6,182.0 5,677.4 6,321.0 5,677.4 Cover Assets 8,604.0 9,884.7 8,787.0 10,236.1 8,787.0 Cover Assets acc. to § 12 (1) 7,720.0 8,938.0 7,875.7 9,287.8 7,875.7 Cover Assets acc. to § 19 (1) No. 1 0 0 0 0 0 Cover Assets acc. to § 19 (1) No. 21 0 0 0 0 0 as % of Mortgage Pfandbriefe 0 0 0 0 0 Cover Assets acc. to § 19 (1) No. 32 884.0 946.8 911.4 948.3 911.4 as % of Mortgage Pfandbriefe 15.0 15.3 16.1 15.0 16.1 Cover Assets acc. to § 19 (1) No. 4 (Claims) 0 0 0 0 0 as % of Total Cover Assets 0 0 0 0 0 Cover Assets acc. to § 19 (1) No. 4 (Liabilities) 0 0 0 0 0 as % of Mortgage Pfandbriefe 0 0 0 0 0 Over-Collateralisation 2,717.1 3,702.7 3,109.6 3,915.1 3,109.6 as % of Mortgage Pfandbriefe 46.2 59.9 54.8 61.9 54.8 * According to § 5 (1) No. 1 and § 6 (2) No. 1 PfandBarwertV static approach. ¹ Excluding Cover Assets according to § 4 (1) sentence 2 No. 1 and No. 2 PfandBG. ² Including Cover Assets according to § 19 (1) No. 2 PfandBG and including Cover Assets according to § 4 (1) sentence 2 No. 1 and No. 2 PfandBG.

Dec 31, 2014 Present Value - Present Value - Present Value - Worst Case High Interest Low Interest Interest and FX Rate Stress Rate Stress Rate Stress in € m. Nominal Value Present Value Scenario Scenario Scenario Mortgage Pfandbriefe 5,229.9 5,603.3 5,128.2 5,710.7 5,128.2 Cover Assets 6,994.0 8,227.5 7,266.0 8,503.4 7,266.0 Cover Assets acc. to § 12 (1) 6,804.0 8,028.9 7,077.5 8,303.4 7,077.5 Cover Assets acc. to § 19 (1) No. 1 0 0 0 0 0 Cover Assets acc. to § 19 (1) No. 21 0 0 0 0 0 as % of Mortgage Pfandbriefe 0 0 0 0 0 Cover Assets acc. to § 19 (1) No. 32 190.0 198.6 188.4 200.1 188.4 as % of Mortgage Pfandbriefe 3.6 3.5 3.7 3.5 3.7 Cover Assets acc. to § 19 (1) No. 4 (Claims) 0 0 0 0 0 as % of Total Cover Assets 0 0 0 0 0 Cover Assets acc. to § 19 (1) No. 4 (Liabilities) 0 0 0 0 0 as % of Mortgage Pfandbriefe 0 0 0 0 0 Over-Collateralisation 1,764.1 2,624.2 2,137.8 2,792.7 2,137.8 as % of Mortgage Pfandbriefe 33.7 46.8 41.7 48.9 41.7 * According to § 5 (1) No. 1 and § 6 (2) No. 1 PfandBarwertV static approach. ¹ Excluding Cover Assets according to § 4 (1) sentence 2 No. 1 and No. 2 PfandBG. ² Including Cover Assets according to § 19 (1) No. 2 PfandBG and including Cover Assets according to § 4 (1) sentence 2 No. 1 and No. 2 PfandBG.

All cover assets are receivables from customers which are secured by mortgages. The further cover assets are bonds and other fixed income securities as per Pfandbrief Act. Deutsche Bank 2 – Annual Financial Statement 134 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

Maturity Profile (Section 28 (1) No. 2 Pfandbrief Act)

Maturity structure of Maturity profile outstanding Pfandbriefe Fixed rate terms for cover pool in € m. Dec 31, 2015 Dec 31, 2014 Dec 31, 2015 Dec 31, 2014 Term up to 6 months 1,000.0 200.0 371.8 428.2 Term more than 6 months up to 12 months 200.0 200.0 253.6 235.7 Term more than 12 months up to 18 months 80.0 1,000.0 663.4 199.7 Term more than 18 months up to 2 years 125.0 200.0 439.1 241.2 Term more than 2 years up to 3 years 1,000.0 205.0 577.1 381.5 Term more than 3 years up to 4 years 759.9 1,000.0 983.7 514.4 Term more than 4 years up to 5 years 950.0 759.9 756.7 940.4 Term more than 5 years up to 10 years 1,485.0 1,510.0 3,160.5 2,880.1 Term more than 10 years 287.0 155.0 1,398.1 1,172.8 Total 5,886.9 5,229.9 8,604.0 6,994.0

Portion of Derivatives included in the Cover Pool (Section 28 (1) No. 3 Pfandbrief Act)

As of December 31, 2015 and December 31, 2014, there were no derivatives in the cover pool.

Cover Assets by Nominal Value (Section 28 (2) No. 1a Pfandbrief Act)

Single cover assets included in the total amount of € 7.7 billion (2014: € 6.8 billion) with a nominal value of less than € 0.3 million amounted to € 5.7 billion (2014: € 5.0 billion), with a nominal value between € 0.3 million and € 1 million amounted to € 1.4 billion (2014: € 1.3 billion), with a nominal value between € 1 million and € 10 million amounted to € 610 million (2014: € 516 million) and with a nominal value of more than € 10 million amounted to € 10 million (2014: € 10 million). 135 Deutsche Bank Balance Sheet as Noes to the Accounts – 109 Annual Financial Statements of December 31, 2015 – 106 and Management Report Income Statement for the period of Deutsche Bank AG 2015 from January 1 to December 31, 2015 – 108

Loans used as Cover for Mortgage Pfandbriefe by country in which Mortgaged Real Estate is based and by Type of Use (Section 28 (2) No. 1b and 1c Pfandbrief Act)

Dec 31, 2015 Residential Commercial Other com- Land Single Multi- mercially held Apart- Family family Office Retail Industrial used for in € m. ments Houses Houses Other Total buildings buildings buildings buildings Total building Total Germany 1,127.6 3,637.4 1,979.1 0 6,744.1 335.8 132.4 129.4 378.2 975.9 0 7,720.0 United Kingdom 0 0 0 0 0 0 0 0 0 0 0 0 Switzerland 0 0 0 0 0 0 0 0 0 0 0 0 France 0 0 0 0 0 0 0 0 0 0 0 0 Belgium 0 0 0 0 0 0 0 0 0 0 0 0 Netherlands 0 0 0 0 0 0 0 0 0 0 0 0 Total 1,127.6 3,637.4 1,979.1 0 6,744.1 335.8 132.4 129.4 378.2 975.9 0 7,720.0

Dec 31, 2014 Residential Commercial Other com- Land Single Multi- mercially held Apart- Family family Office Retail Industrial used for in € m. ments Houses Houses Other Total buildings buildings buildings buildings Total building Total Germany 1,016.1 3,248.4 1,652.0 0 5,916.4 268.4 103.7 102.7 412.7 887.6 0 6,804.0 United Kingdom 0 0 0 0 0 0 0 0 0 0 0 0 Switzerland 0 0 0 0 0 0 0 0 0 0 0 0 France 0 0 0 0 0 0 0 0 0 0 0 0 Belgium 0 0 0 0 0 0 0 0 0 0 0 0 Netherlands 0 0 0 0 0 0 0 0 0 0 0 0 Total 1,016.1 3,248.4 1,652.0 0 5,916.4 268.4 103.7 102.7 412.7 887.6 0 6,804.0

Payments Outstanding on Mortgage Loans used as Cover for Mortgage Pfandbriefe (Section 28 (2) No. 2 Pfandbrief Act)

As of December 31, 2015 and December 31, 2014, there were no payments 90 days or more past due on mortgage loans used as cover for Mortgage Pfandbriefe.

Additional information on Mortgage Loans (Section 28 (2) No. 4 Pfandbrief Act)

At year end 2015 and 2014 there were no foreclosures pending. In 2015 and 2014, no foreclosures were performed and Deutsche Bank AG did not take over properties to prevent losses on the mortgages. Furthermore, there were no arrears on interest payable by the mortgagors.

Fixed Interest Share Comparison (Section 28 (1) No. 9 Pfandbrief Act)

Nominal Value in € (if not stated otherwise) Dec 31, 2015 Dec 31, 2014 Fixed Interest Mortgage Pfandbriefe 5,302 4,695 As % of Mortgage Pfandbriefe 90 90 Fixed Interest Cover Assets 8,460 6,821 As % of Total Cover Assets 98 98 Deutsche Bank 2 – Annual Financial Statement 136 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

Net Present Value per currency (Section 28 (1) No. 10 Pfandbrief Act)

Net Present Value currency in in € million Dec 31, 2015 Dec 31, 2014 Euro 3,110 2,138

Additional Characteristic Factors

(Section 28 (1) No. 7, Section 28 (1) No. 11, Section 28 (2) No. 3 Pfandbrief Act) in € Dec 31, 2015 Dec 31, 2014 Average Loan-to-Value Ratio weighted using the Mortgage Lending Value1 54 54 Volume-weighted Average in Years of the Maturity that has passed since the Mortgage Loan was granted2 4 4 Total Claims exceeding the Limits of § 13 (1) PfandBG (Countries without preferential right)3 0 0 1 According to § 28 (2) No. 3 Pfand Act. 2 According to § 28 (1) No. 11 Pfand Act. 3 According to § 28 (1) No. 7 Pfand Act.

Information pursuant to Section 160 (1) Number 8 AktG

As of December 31, 2015 we were aware of the following shareholders who reported a share of at least 3 % in the voting rights each pursuant to Section 21 of the German Securities Trading Act (Wertpapierhandelsgesetz):

Paramount Services Holdings Ltd., British Virgin Islands, has notified us that as of August 20, 2015 it held 3.05 % of our shares. We have received no further notification by Paramount Services Holdings Ltd., British Virgin Islands, up to December 31, 2015.

Supreme Universal Holdings Ltd., Cayman Islands, has notified us that as of August 20, 2015 it held 3.05 % of our shares. We have received no further notification by Supreme Universal Holdings Ltd., Cayman Islands, up to Decem- ber 31, 2015.

BlackRock, Inc., New York, has notified us on December 16, 2015 that it held 6.76 % of our shares. We have received no further notification by BlackRock, Inc., New York, up to December 31, 2015.

Management Board and Supervisory Board

The total remuneration paid to the Management Board is detailed on pages 74 to 83 of the Compensation Report. Former members of the Management Board of Deutsche Bank AG or their surviving dependents received € 17,429,709 and € 20,591,504 for the years ended December 31, 2015 and 2014, respectively.

The compensation principles for Supervisory Board members are set forth in our Articles of Association. The compensation provisions were last amended by resolution of the Annual General Meeting on May 22, 2014 which became effective on July 17, 2014. The members of the Supervisory Board receive fixed annual compensation. The annual base compensation amounts to € 100,000 for each Supervisory Board member. The Supervisory Board Chairman receives twice that amount and the Deputy Chairperson one and a half times that amount. Members and chairs of the committees of the Supervisory Board are paid additional fixed annual compensation. 75 % of the compensation determined is disbursed to each Supervisory Board member after submitting invoices in February of the following year. The other 25 % is converted by the company at the same time into company shares (notional shares) according to the provisions of the Articles of Association. The share value of this number of shares is paid to the respective Supervisory Board member in February of the year following his departure from the Supervisory Board or the expiration of his term 137 Deutsche Bank Balance Sheet as Noes to the Accounts – 109 Annual Financial Statements of December 31, 2015 – 106 and Management Report Income Statement for the period of Deutsche Bank AG 2015 from January 1 to December 31, 2015 – 108

of office according to the provisions of the Articles of Association, provided that the member does not leave the Super- visory Board due to important cause which would have justified dismissal. In case of a change in Supervisory Board membership during the year, compensation for the financial year will be paid on a pro rata basis, rounded up/down to full months. For the year of departure, the entire compensation is paid in cash; a forfeiture regulation applies to 25 % of the compensation for that financial year. The members of the Supervisory Board received for the financial year 2015 a total remuneration of € 4,850,000 (2014: € 4,588,710), of which € 3,710,417 were paid out in February 2016 (February 2015: € 3,466,532) according to the provisions of the Articles of Association.

Provisions for pension obligations to former members of the Management Board and their surviving dependents amounted to € 186,348,967 and € 181,829,400 as of December 31, 2015 and 2014, respectively.

Loans and advances granted and contingent liabilities assumed for members of the Management Board amounted to € 8,914,864 and € 2,378,392 and for members of the Supervisory Board of Deutsche Bank AG to € 712,861 and € 1,028,188 for the years ended December 31, 2015 and 2014, respectively. Members of the Supervisory Board repaid € 125,156 loans in 2015.

The members of the Management Board and the Supervisory Board are listed on pages 163 to 164.

Employees

The average number of full-time equivalent staff employed during the reporting year was 28,151 (2014: 27,286), 10,505 of whom were women (2014: 10,114). Part-time employees are included proportionately in these figures based on their working hours. An average of 16,943 (2014: of 16,581) staff members worked at branches outside Germany.

Corporate Governance

The bank has issued the declaration required by Section 161 AktG. The Declaration of Conformity dated October 28, 2015, and all of the previous versions of the Declaration of Conformity are published on Deutsche Bank’s website at www.db.com/ir/en/documents.htm. Deutsche Bank 2 – Annual Financial Statement 138 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

Shareholdings

139 Companies, where the holding equals or exceeds 20 % 155 Holdings in large corporations, where the holding exceeds 5 % of voting rights

The following pages show the Shareholdings of Deutsche Bank AG pursuant to Section 285 Number 11 HGB including information pursuant to Section 285 Number 11a HGB. Pursuant to Section 286 (3) Sentence 1 Number 1 HGB, Deutsche Bank AG does not disclose own funds and annual result of individual holdings to the extent that those disclosures are insignificant for the presentation of assets and liabilities, financial position, and results of operations of Deutsche Bank AG.

Footnotes:

1 Profit and loss transfer agreement, annual result is not disclosed. 2 Own funds and annual result of business year 2014; local GAAP figures for business year 2015 are not yet available. 3 The company made use of the exemption offered by Section 264b HGB. 4 Own funds and annual result of the subgroup. The following companies starting with a dash are part of the subgroup; their own funds and annual result are incorporated in the subgroup data. 5 Consolidated financial statements in accordance with IFRS. 139 Deutsche Bank Balance Sheet as Noes to the Accounts – 109 Annual Financial Statements of December 31, 2015 – 106 and Management Report Income Statement for the period of Deutsche Bank AG 2015 from January 1 to December 31, 2015 – 108

Companies, where the holding equals or exceeds 20% Share of Own Result Serial Domicile Foot- Capital funds in in € No. Name of company of company note in % € million million 1 ABATE Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0 2 Abbey Life Assurance Company Limited London 100.0 1068.5 121.8 3 Abbey Life Trust Securities Limited London 100.0 4 Abbey Life Trustee Services Limited London 100.0 5 ABRI Beteiligungsgesellschaft mbH Duesseldorf 50.0 6 Acacia (Luxembourg) S.à r.l. Luxembourg 100.0 7 Accounting Solutions Holding Company, Inc. Wilmington 100.0 8 ACHTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0 9 ACHTUNDZWANZIGSTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0 10 ACHTZEHNTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0 11 ACIS Beteiligungsgesellschaft mbH Duesseldorf 50.0 12 ACTIO Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0 13 ADEO Beteiligungsgesellschaft mbH Duesseldorf 50.0 14 ADLAT Beteiligungsgesellschaft mbH Duesseldorf 50.0 15 ADMANU Beteiligungsgesellschaft mbH Duesseldorf 50.0 16 Afinia Capital Group Limited Hamilton 40.0 17 AGLOM Beteiligungsgesellschaft mbH Duesseldorf 50.0 18 AGUM Beteiligungsgesellschaft mbH Duesseldorf 50.0 19 AKA Ausfuhrkredit-Gesellschaft mit beschränkter Haftung Frankfurt 26.9 201.0 14.1 20 ALANUM Beteiligungsgesellschaft mbH Duesseldorf 50.0 21 Alfred Herrhausen Gesellschaft - Das internationale Forum der Deutschen Bank - mbH Berlin 100.0 22 ALMO Beteiligungsgesellschaft mbH Duesseldorf 50.0 23 ALTA Beteiligungsgesellschaft mbH Duesseldorf 50.0 24 Amber Investments S.à r.l. Luxembourg 100.0 25 ANDOT Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0 26 Apex Fleet Inc. Wilmington 100.0 27 APUR Beteiligungsgesellschaft mbH Duesseldorf 50.0 28 Aqueduct Capital S.à r.l. Luxembourg 100.0 10.7 0.2 29 Argantis GmbH i.L. Cologne 50.0 30 ATAUT Beteiligungsgesellschaft mbH Duesseldorf 50.0 31 Atena SPV S.r.l Conegliano 60.0 32 Auburn Data Systems, LLC Chicago 20.0 33 Autumn Leasing Limited (in members' voluntary liquidation) London 100.0 34 Avacomm GmbH i.L. Holzkirchen 27.5 35 AVOC Beteiligungsgesellschaft mbH Duesseldorf 50.0 36 AWM Luxembourg SICAV-SIF Luxembourg 100.0 37 Baigo Capital Partners Fund 1 Parallel 1 GmbH & Co. KG Bad Soden am 49.8 15.0 (3.4) Taunus 38 BAKTU Beteiligungsgesellschaft mbH Schoenefeld 50.0 39 BAL Servicing Corporation Wilmington 100.0 40 BALIT Beteiligungsgesellschaft mbH Schoenefeld 50.0 41 BAMAR Beteiligungsgesellschaft mbH Schoenefeld 50.0 42 Bankers Trust International Limited (in members' voluntary liquidation) London 100.0 43 Bankers Trust Investments Limited London 100.0 44 Bankers Trust Nominees Limited (in members' voluntary liquidation) London 100.0 45 BANKPOWER GmbH Personaldienstleistungen Frankfurt 30.0 7.5 5.2 46 Banks Island General Partner Inc. Toronto 50.0 47 Bayan Delinquent Loan Recovery 1 (SPV-AMC), Inc. Makati City 100.0 48 Bebek Varlik Yönetym A.S. Istanbul 100.0 49 Belzen Pty. Limited Sydney 100.0 50 Benefit Trust GmbH Luetzen-Gostau 100.0 7191.7 141.9 51 Bestra Gesellschaft für Vermögensverwaltung mit beschränkter Haftung Duesseldorf 49.0 52 Betriebs-Center für Banken AG Frankfurt 1 100.0 190.8 0.0 53 BFDB Tax Credit Fund 2011, Limited Partnership New York 100.0 54 BHS tabletop Aktiengesellschaft Selb 28.9 32.9 1.5 55 BHW Invest, Société à responsabilité limitée Luxembourg 100.0 56 BHW Kreditservice GmbH Hameln 1 100.0 57 Billboard Partners L.P. George Town 99.9 (0.4) 9.8 58 BIMES Beteiligungsgesellschaft mbH Schoenefeld 50.0 59 Biomass Holdings S.à r.l. Luxembourg 100.0 60 Birch (Luxembourg) S.à r.l. Luxembourg 100.0 61 BLI Beteiligungsgesellschaft für Leasinginvestitionen mbH Duesseldorf 33.2 62 BLI Internationale Beteiligungsgesellschaft mbH Duesseldorf 32.0 63 Blue Ridge Trust Wilmington 28.4 64 Borfield Sociedad Anonima Montevideo 100.0 65 BRIMCO, S. de R.L. de C.V. Mexico City 100.0 66 BrisConnections Holding Trust Kedron 35.6 67 BrisConnections Investment Trust Kedron 35.6 68 BT CTAG Nominees Limited (in members' voluntary liquidation) London 100.0 69 BT Globenet Nominees Limited London 100.0 70 BT International (Nigeria) Limited Lagos 100.0 71 BT Opera Trading S.A. Paris 100.0 72 BVT-CAM Private Equity Beteiligungs GmbH Gruenwald 50.0 Deutsche Bank 2 – Annual Financial Statement 140 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

Share of Own Result Serial Domicile Foot- Capital funds in in € No. Name of company of company note in % € million million 73 BVT-CAM Private Equity Management & Beteiligungs GmbH Gruenwald 50.0 74 Cabarez S.A. Luxembourg 95.0 75 CAM Initiator Treuhand GmbH & Co. KG Cologne 100.0 76 CAM PE Verwaltungs GmbH & Co. KG Cologne 100.0 77 CAM Private Equity Nominee GmbH & Co. KG Cologne 100.0 78 CAM Private Equity Verwaltungs-GmbH Cologne 100.0 79 3160343 Canada Inc. Toronto 100.0 80 Cape Acquisition Corp. Wilmington 100.0 81 CapeSuccess Inc. Wilmington 100.0 82 CapeSuccess LLC Wilmington 82.6 83 Capital Solutions Exchange Inc. Wilmington 100.0 84 Cardales Management Limited St. Peter Port 100.0 17.7 (0.6) 85 Cardales UK Limited London 100.0 86 Career Blazers Consulting Services, Inc. Albany 100.0 87 Career Blazers Contingency Professionals, Inc. Albany 100.0 88 Career Blazers Learning Center of Los Angeles, Inc. Los Angeles 100.0 89 Career Blazers LLC Wilmington 100.0 90 Career Blazers Management Company, Inc. Albany 100.0 91 Career Blazers New York, Inc. Albany 100.0 92 Career Blazers of Ontario Inc. London, Ontario 100.0 93 Career Blazers Personnel Services of Washington, D.C., Inc. Washington D.C. 100.0 94 Career Blazers Personnel Services, Inc. Albany 100.0 95 Career Blazers Service Company, Inc. Wilmington 100.0 96 Cathay Advisory (Beijing) Co., Ltd. Beijing 100.0 97 Cathay Asset Management Company Limited Port Louis 100.0 98 Cathay Capital Company (No 2) Limited Port Louis 67.6 167.2 38.6 99 CBI NY Training, Inc. Albany 100.0 100 Cedar (Luxembourg) S.à r.l. Luxembourg 100.0 101 Centennial River 1 Inc. Denver 100.0 102 Centennial River 2 Inc. Austin 100.0 103 Centennial River Acquisition I Corporation Wilmington 100.0 104 Centennial River Acquisition II Corporation Wilmington 100.0 105 Centennial River Corporation Wilmington 100.0 106 Channel Nominees Limited (in members' voluntary liquidation) London 100.0 107 China Recovery Fund LLC Wilmington 85.0 15.9 0.0 108 CITAN Beteiligungsgesellschaft mbH Frankfurt 1 100.0 13.6 0.0 109 City Leasing (Donside) Limited (in members' voluntary liquidation) London 100.0 110 City Leasing (Thameside) Limited London 100.0 111 City Leasing Limited London 100.0 112 Civic Investments Limited St. Helier 100.0 113 Comfund Consulting Limited Bangalore 30.0 114 Consumo Finance S.p.A. Milan 100.0 115 Craigs Investment Partners Limited Tauranga 49.9 28.7 9.8 116 CREDA Objektanlage- und verwaltungsgesellschaft mbH Bonn 1 100.0 117 CTXL Achtzehnte Vermögensverwaltung GmbH Munich 100.0 118 D B Rail Holdings (UK) No. 1 Limited (in members' voluntary liquidation) London 100.0 119 D&M Turnaround Partners Godo Kaisha Tokyo 100.0 120 DAHOC (UK) Limited London 100.0 57.6 (0.8) 121 DAHOC Beteiligungsgesellschaft mbH Frankfurt 100.0 319.0 0.0 122 Danube Properties S.à r.l., en faillite Luxembourg 25.0 123 DB (Barbados) SRL Christ Church 100.0 124 DB (Malaysia) Nominee (Asing) Sdn. Bhd. Kuala Lumpur 100.0 125 DB (Malaysia) Nominee (Tempatan) Sdn. Bhd. Kuala Lumpur 100.0 126 DB Advisors SICAV Luxembourg 96.7 8803.6 212.2 127 DB Alps Corporation Wilmington 100.0 116.5 (19.3) 128 DB Alternative Strategies Limited George Town 100.0 129 DB Alternatives and Fund Solutions Shanghai Investment Company Ltd Shanghai 100.0 130 DB Aotearoa Investments Limited George Town 2 100.0 54.3 5.6 131 DB Apex (Luxembourg) S.à r.l. Luxembourg 100.0 101.5 50.9 132 DB Apex Finance Limited Floriana 100.0 1000.1 30.4 133 DB Apex Management Capital S.C.S. Luxembourg 100.0 0.1 6.0 134 DB Apex Management Income S.C.S. Luxembourg 100.0 0.1 37.2 135 DB Apex Management Limited George Town 100.0 136 DB Aster III, LLC Wilmington 100.0 137 DB Avila Ltd. George Town 100.0 138 DB Beteiligungs-Holding GmbH Frankfurt 1 100.0 139 DB CAPAM GmbH Cologne 1 100.0 140 DB Capital Investments Sàrl Luxembourg 100.0 207.0 119.7 141 DB Capital Management, Inc. Wilmington 100.0 15.5 1.7 142 DB Capital Markets (Deutschland) GmbH Frankfurt 1 100.0 2265.1 0.0 143 DB Capital Partners (Asia), L.P. George Town 80.0 144 DB Capital Partners Asia G.P. Limited George Town 100.0 145 DB Capital Partners General Partner Limited London 100.0 146 DB Capital Partners Latin America, G.P. Limited George Town 100.0 147 DB Capital Partners, Latin America, L.P. George Town 80.2 141 Deutsche Bank Balance Sheet as Noes to the Accounts – 109 Annual Financial Statements of December 31, 2015 – 106 and Management Report Income Statement for the period of Deutsche Bank AG 2015 from January 1 to December 31, 2015 – 108

Share of Own Result Serial Domicile Foot- Capital funds in in € No. Name of company of company note in % € million million 148 DB Cartera de Inmuebles 1, S.A.U. Pozuelo de 100.0 16.0 (7.6) Alarcón 149 DB Chambers Limited George Town 100.0 150 DB Chestnut Holdings Limited George Town 100.0 151 DB Commodities Canada Ltd. Toronto 100.0 152 DB Consorzio S. Cons. a r. l. Milan 100.0 153 DB Corporate Advisory (Malaysia) Sdn. Bhd. Kuala Lumpur 100.0 154 DB Covered Bond S.r.l. Conegliano 90.0 155 DB Credit Investments S.à r.l. Luxembourg 100.0 1.7 31.8 156 DB Crest Limited St. Helier 2 100.0 1331.7 (12.1) 157 DB Delaware Holdings (Europe) Limited George Town 100.0 158 DB Development Holdings Limited Larnaca 49.0 159 DB Energy Commodities Limited London 100.0 43.0 4.5 160 DB Enfield Infrastructure Holdings Limited St. Helier 2 100.0 28.9 0.0 161 DB Enfield Infrastructure Investments Limited St. Helier 2 100.0 76.0 1.6 162 DB Enterprise GmbH & Co. Zweite Beteiligungs KG Luetzen-Gostau 3 100.0 2915.6 2219.8 163 DB Equity Limited London 2 100.0 30.1 0.7 164 DB Equity S.à r.l. Luxembourg 100.0 62.8 259.3 165 DB Fillmore Lender Corp. Wilmington 100.0 166 DB Finance International GmbH Eschborn 100.0 2.8 86.0 167 DB Finanz-Holding GmbH Frankfurt 1 100.0 7917.0 0.0 168 DB Global Technology SRL Bucharest 100.0 9.1 6.9 169 DB Group Services (UK) Limited London 100.0 170 DB Hawks Nest, Inc. Wilmington 100.0 171 DB HR Solutions GmbH Eschborn 1 100.0 172 DB Hypernova LLC Wilmington 100.0 0.2 498.4 173 DB iCON Investments Limited (in members' voluntary liquidation) London 100.0 174 DB Immobilienfonds 2 GmbH & Co. KG Frankfurt 74.0 175 DB Impact Investment (GP) Limited London 100.0 176 DB Impact Investment Fund I, L.P. Edinburgh 100.0 177 DB Industrial Holdings Beteiligungs GmbH & Co. KG Luetzen-Gostau 3 100.0 240.2 0.1 178 DB Industrial Holdings GmbH Luetzen-Gostau 100.0 1552.9 12.9 179 DB Infrastructure Holdings (UK) No.1 Limited London 2 100.0 12.9 0.5 180 DB Infrastructure Holdings (UK) No.3 Limited London 2 100.0 54.2 15.2 181 DB Intermezzo LLC Wilmington 100.0 89.8 (14.9) 182 DB International (Asia) Limited Singapore 100.0 445.3 4.8 183 DB International Investments Limited London 100.0 184 DB International Trust (Singapore) Limited Singapore 100.0 185 DB Investment Management, Inc. Wilmington 100.0 186 DB Investment Services GmbH Frankfurt 1 100.0 46.0 0.0 187 DB Investments (GB) Limited London 2 100.0 1901.5 (0.1) 188 DB Jasmine (Cayman) Limited (in voluntary liquidation) George Town 100.0 189 DB Jasmine Holdings Limited (in members' voluntary liquidation) London 100.0 190 DB Kredit Service GmbH Berlin 1 100.0 191 DB London (Investor Services) Nominees Limited London 100.0 192 DB Management Support GmbH Frankfurt 100.0 193 DB Master Accomodation LLC Wilmington 100.0 194 DB Munico Ltd. George Town 100.0 195 DB Nexus American Investments (UK) Limited London 100.0 196 DB Nexus Iberian Investments (UK) Limited London 100.0 197 DB Nexus Investments (UK) Limited London 100.0 198 DB Nominees (Hong Kong) Limited Hong Kong 100.0 199 DB Nominees (Singapore) Pte Ltd Singapore 100.0 200 DB Operaciones y Servicios Interactivos Agrupación de Interés Económico Barcelona 99.9 201 DB Overseas Holdings Limited London 2 100.0 16.4 53.9 202 DB Petri LLC Wilmington 100.0 203 DB Print GmbH Frankfurt 1 100.0 204 DB Private Equity GmbH Cologne 100.0 20.2 3.2 205 DB Private Equity International S.à r.l. Luxembourg 100.0 206 DB Private Equity Treuhand GmbH Cologne 100.0 207 DB PWM Private Markets I GP Luxembourg 100.0 208 DB Rail Trading (UK) Limited (in members' voluntary liquidation) London 100.0 209 DB RC Holdings, LLC Wilmington 100.0 210 DB Re S.A. Luxembourg 100.0 211 DB Real Estate Canadainvest 1 Inc. Toronto 100.0 212 DB Real Estate Global Opportunities IB (Offshore), L.P. Camana Bay 34.6 213 DB Road (UK) Limited George Town 2 100.0 536.2 (5.4) 214 DB Safe Harbour Investment Projects Limited London 2 100.0 14.0 0.0 215 DB Securities S.A. Warsaw 100.0 11.4 1.3 216 DB Service Centre Limited Dublin 100.0 217 DB Service Uruguay S.A. Montevideo 100.0 218 DB Servizi Amministrativi S.r.l. Milan 100.0 219 DB STG Lux 10 S.à r.l. Luxembourg 100.0 220 DB STG Lux 11 S.à r.l. Luxembourg 100.0 221 DB STG Lux 12 S.à r.l. Luxembourg 100.0 Deutsche Bank 2 – Annual Financial Statement 142 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

Share of Own Result Serial Domicile Foot- Capital funds in in € No. Name of company of company note in % € million million 222 DB STG Lux 6 S.à r.l. Luxembourg 100.0 223 DB STG Lux 7 S.à r.l. Luxembourg 100.0 224 DB STG Lux 8 S.à r.l. Luxembourg 100.0 225 DB STG Lux 9 S.à r.l. Luxembourg 100.0 226 DB Strategic Advisors, Inc. Makati City 100.0 227 DB Sylvester Funding Limited George Town 2 100.0 614.0 (9.0) 228 DB Trustee Services Limited London 100.0 229 DB Trustees (Hong Kong) Limited Hong Kong 100.0 230 DB U.K. Nominees Limited (in members' voluntary liquidation) London 100.0 231 DB UK Australia Finance Limited George Town 100.0 232 DB UK Australia Holdings Limited London 100.0 233 DB UK Bank Limited London 2 100.0 752.2 5.2 234 DB UK Holdings Limited London 2 100.0 677.5 190.0 235 DB UK PCAM Holdings Limited London 100.0 60.3 (1.3) 236 DB USA Corporation (Sub-group) Wilmington 4 100.0 (431.0) (3647.8) 237 -ABFS I Incorporated Baltimore 100.0 238 -ABS Leasing Services Company Chicago 100.0 239 -ABS MB Ltd. Baltimore 100.0 240 -Alex. Brown Financial Services Incorporated Baltimore 100.0 241 -Alex. Brown Investments Incorporated Baltimore 100.0 242 -Alex. Brown Management Services Inc. Baltimore 100.0 243 -Americas Trust Servicios de Consultoria, S.A. Madrid 100.0 244 -Apexel LLC Wilmington 100.0 245 -Argent Incorporated Baltimore 100.0 246 -Axiom Shelter Island LLC San Diego 100.0 247 -Azurix AGOSBA S.R.L. Buenos Aires 100.0 248 -Azurix Argentina Holding, Inc. Wilmington 100.0 249 -Azurix Buenos Aires S.A. (en liquidacion) Buenos Aires 100.0 250 -Azurix Cono Sur, Inc. Wilmington 100.0 251 -Azurix Corp. Wilmington 100.0 252 -Azurix Latin America, Inc. Wilmington 100.0 253 -B.T.I. Investments London 100.0 254 -Bankers Trust International Finance (Jersey) Limited St. Helier 100.0 255 -Barkly Investments Ltd. St. Helier 100.0 256 -Bonsaï Investment AG Frauenfeld 100.0 257 -BT Maulbronn GmbH Eschborn 100.0 258 -BT Milford (Cayman) Limited George Town 100.0 259 -BT Muritz GmbH Eschborn 100.0 260 -BT Sable, L.L.C. Wilmington 100.0 261 -BT Vordertaunus Verwaltungs- und Beteiligungsgesellschaft mbH Eschborn 100.0 262 -BTAS Cayman GP George Town 100.0 263 -C. J. Lawrence Inc. Wilmington 100.0 264 -Castlewood Expansion Partners, L.P. Wilmington 87.5 265 -Charlton (Delaware), Inc. Wilmington 100.0 266 -Cyrus J. Lawrence Capital Holdings, Inc. Wilmington 100.0 267 -Dawn-BV II LLC Wilmington 100.0 268 -Dawn-BV LLC Wilmington 100.0 269 -Dawn-BV-Helios LLC Wilmington 100.0 270 -Dawn-G II LLC Wilmington 100.0 271 -Dawn-G LLC Wilmington 100.0 272 -Dawn-G-Helios LLC Wilmington 100.0 273 -DB (Pacific) Limited, New York New York 100.0 274 -DB Alex. Brown Holdings Incorporated Wilmington 100.0 275 -DB Alternative Trading Inc. Wilmington 100.0 276 -DB Asia Pacific Holdings Limited George Town 100.0 277 -DB Aster II, LLC Wilmington 100.0 278 -DB Aster, Inc. Wilmington 100.0 279 -DB Aster, LLC Wilmington 100.0 280 -DB Boracay LLC Wilmington 100.0 281 -DB Capital Partners, Inc. Wilmington 100.0 282 -DB Capital, Inc. Wilmington 100.0 283 -DB Clyde, LLC Wilmington 100.0 284 -DB Commodity Services LLC Wilmington 100.0 285 -DB Dawn, Inc. Wilmington 100.0 286 -DB Delaware Holdings (UK) Limited London 100.0 287 -DB Depositor Inc. Wilmington 100.0 288 -DB Elara LLC Wilmington 100.0 289 -DB Energy Trading LLC Wilmington 100.0 290 -DB Equipment Leasing, Inc. New York 100.0 291 -DB ESC Corporation Wilmington 100.0 292 -DB Finance (Delaware), LLC Wilmington 100.0 293 -DB Fund Services LLC Wilmington 100.0 294 -DB Funding LLC #4 Wilmington 100.0 295 -DB Funding LLC #5 Wilmington 100.0 296 -DB Funding LLC #6 Wilmington 100.0 143 Deutsche Bank Balance Sheet as Noes to the Accounts – 109 Annual Financial Statements of December 31, 2015 – 106 and Management Report Income Statement for the period of Deutsche Bank AG 2015 from January 1 to December 31, 2015 – 108

Share of Own Result Serial Domicile Foot- Capital funds in in € No. Name of company of company note in % € million million 297 -DB Ganymede 2006 L.P. George Town 100.0 298 -DB Global Technology, Inc. Wilmington 100.0 299 -DB Green Holdings Corp. Wilmington 100.0 300 -DB Green, Inc. New York 100.0 301 -DB Holdings (New York), Inc. New York 100.0 302 -DB Investment Partners, Inc. Wilmington 100.0 303 -DB Investment Resources (US) Corporation Wilmington 100.0 304 -DB Investment Resources Holdings Corp. Wilmington 100.0 305 -DB Io LP Wilmington 100.0 306 -DB IROC Leasing Corp. New York 100.0 307 -DB Litigation Fee LLC Wilmington 100.0 308 -DB Managers, LLC West Trenton 100.0 309 -DB Mortgage Investment Inc. Baltimore 100.0 310 -DB Omega BTV S.C.S. Luxembourg 100.0 311 -DB Omega Holdings LLC Wilmington 100.0 312 -DB Omega Ltd. George Town 100.0 313 -DB Omega S.C.S. Luxembourg 100.0 314 -DB Overseas Finance Delaware, Inc. Wilmington 100.0 315 -DB RMS Leasing (Cayman) L.P. George Town 100.0 316 -DB Samay Finance No. 2, Inc. Wilmington 100.0 317 -DB Servicios México, Sociedad Anónima de Capital Variable Mexico City 100.0 318 -DB Structured Derivative Products, LLC Wilmington 100.0 319 -DB Structured Products, Inc. Wilmington 100.0 320 -DB U.S. Financial Markets Holding Corporation Wilmington 100.0 321 -DBAB Wall Street, LLC Wilmington 100.0 322 -DBAH Capital, LLC Wilmington 100.0 323 -DBCCA Investment Partners, Inc. Wilmington 100.0 324 -DBCIBZ1 George Town 100.0 325 -DBCIBZ2 George Town 100.0 326 -DBFIC, Inc. Wilmington 100.0 327 -DBNZ Overseas Investments (No.1) Limited George Town 100.0 328 -DBS Technology Ventures, L.L.C. Wilmington 100.0 329 -DBUSBZ1, LLC Wilmington 100.0 330 -DBUSBZ2, LLC Wilmington 100.0 331 -DBX Advisors LLC Wilmington 100.0 332 -DBX Strategic Advisors LLC Wilmington 100.0 333 -DeAWM Distributors, Inc. Wilmington 100.0 334 -DeAWM Service Company Wilmington 100.0 335 -DeAWM Trust Company Salem 100.0 336 -Deutsche Asia Pacific Finance, Inc. Wilmington 100.0 337 -Deutsche Bank Americas Holding Corp. Wilmington 100.0 338 -Deutsche Bank México, S.A., Institución de Banca Múltiple Mexico City 100.0 339 -Deutsche Bank Securities Inc. Wilmington 100.0 340 -Deutsche Bank Trust Company, National Association New York 100.0 341 -Deutsche Cayman Ltd. George Town 100.0 342 -Deutsche Investment Management Americas Inc. Wilmington 100.0 343 -Deutsche Leasing New York Corp. New York 100.0 344 -Deutsche Master Funding Corporation Wilmington 100.0 345 -Deutsche Mortgage & Asset Receiving Corporation Wilmington 100.0 346 -Deutsche Securities, S.A. de C.V., Casa de Bolsa Mexico City 100.0 347 -DFC Residual Corp. Carson City 100.0 348 -DJ Williston Swaps LLC Wilmington 100.0 349 -DMG Technology Management, L.L.C. Wilmington 100.0 350 -Dusk LLC Wilmington 100.0 351 -ECT Holdings Corp. Wilmington 100.0 352 -Equipment Management Services LLC Wilmington 100.0 353 -Firstee Investments LLC Wilmington 100.0 354 -G Finance Holding Corp. Wilmington 100.0 355 -GAC-HEL II, Inc. Wilmington 100.0 356 -GAC-HEL, Inc. Wilmington 100.0 357 -Gemini Technology Services Inc. Wilmington 100.0 358 -German American Capital Corporation Baltimore 100.0 359 -GGGolf, LLC Wilmington 100.0 360 -Global Commercial Real Estate Special Opportunities Limited St. Helier 100.0 361 -GWC-GAC Corp. Wilmington 100.0 362 -Hac Investments Ltd. Wilmington 100.0 363 -HAC Investments Portugal - Servicos de Consultadoria e Gestao Lda Lisbon 100.0 364 -Hotel Majestic LLC Wilmington 100.0 365 -Kingfisher Canada Holdings LLC Wilmington 100.0 366 -Kingfisher Holdings LLC Wilmington 100.0 367 -Legacy Reinsurance, LLC Burlington 100.0 368 -87 Leonard Development LLC Wilmington 100.0 369 -Maher 1210 Corbin LLC Wilmington 100.0 370 -Maher Chassis Management LLC Wilmington 100.0 371 -Maher Terminals LLC Wilmington 100.0 Deutsche Bank 2 – Annual Financial Statement 144 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

Share of Own Result Serial Domicile Foot- Capital funds in in € No. Name of company of company note in % € million million 372 -Maher Terminals Logistic Systems LLC Wilmington 100.0 373 -Maher Terminals USA, LLC Wilmington 100.0 374 -Manta Acquisition LLC Wilmington 100.0 375 -Manta Group LLC Wilmington 100.0 376 -Maritime Indemnity Insurance Co. Ltd. Hamilton 100.0 377 -Mars Investment Trust II New York 100.0 378 -Mars Investment Trust III New York 100.0 379 -MHL Reinsurance Ltd. Burlington 100.0 380 -MIT Holdings, Inc. Baltimore 100.0 381 -MortgageIT Securities Corp. Wilmington 100.0 382 -MortgageIT, Inc. New York 100.0 383 -NCKR, LLC Wilmington 100.0 384 -New 87 Leonard, LLC Wilmington 100.0 385 -North American Income Fund PLC Dublin 67.3 386 -Novelties Distribution LLC Wilmington 100.0 387 -Operadora de Buenos Aires S.R.L. Buenos Aires 100.0 388 -PARTS Funding, LLC Wilmington 100.0 389 -PARTS Student Loan Trust 2007-CT1 Wilmington 100.0 390 -PARTS Student Loan Trust 2007-CT2 Wilmington 100.0 391 -Polydeuce LLC Wilmington 100.0 392 -Port Elizabeth Holdings LLC Wilmington 100.0 393 -Pyramid Ventures, Inc. Wilmington 100.0 394 -Quantum 13 LLC Wilmington 100.0 395 -REO Properties Corporation Wilmington 100.0 396 -RoPro U.S. Holding, Inc. Wilmington 100.0 397 -Route 28 Receivables, LLC Wilmington 100.0 398 -RREEF America L.L.C. Wilmington 100.0 399 -RREEF Management L.L.C. Wilmington 100.0 400 -RREEF North American Infrastructure Fund A, L.P. Wilmington 99.9 401 -RREEF North American Infrastructure Fund B, L.P. Wilmington 99.9 402 -Sagamore Limited London 100.0 403 -Sharps SP I LLC Wilmington 100.0 404 -Sherwood Properties Corp. Wilmington 100.0 405 -Structured Finance Americas, LLC Wilmington 100.0 406 -STTN, Inc. Wilmington 100.0 407 -Urbistar Settlement Services, LLC Harrisburg 100.0 408 -Village Hospitality LLC Wilmington 100.0 409 -World Trading (Delaware) Inc. Wilmington 100.0 410 DB Valoren S.à r.l. Luxembourg 100.0 1110.7 769.7 411 DB Value S.à r.l. Luxembourg 100.0 66.2 11.3 412 DB Vanquish (UK) Limited London 100.0 413 DB Vantage (UK) Limited London 100.0 414 DB Vantage No.2 (UK) Limited London 100.0 415 DB Vita S.A. Luxembourg 75.0 22.4 2.0 416 db x-trackers (Proprietary) Limited Johannesburg 100.0 4.7 2.1 417 dbalternatives Discovery Fund Limited George Town 100.0 418 DBG Eastern Europe II Limited Partnership St. Helier 25.9 45.5 (2.5) 419 DBG Vermögensverwaltungsgesellschaft mbH Frankfurt 100.0 36.5 0.0 420 DBOI Global Services (UK) Limited London 2 100.0 5.6 5.6 421 DBOI Global Services Private Limited Mumbai 100.0 66.9 20.1 422 DBR Investments Co. Limited George Town 100.0 (97.3) 6.6 423 DBRE Global Real Estate Management IA, Ltd. George Town 100.0 12.3 0.0 424 DBRE Global Real Estate Management IB, Ltd. George Town 100.0 425 DBRMS4 George Town 100.0 556.9 1.6 426 DBRMSGP1 George Town 100.0 355.0 1.0 427 DBRMSGP2 George Town 100.0 201.9 0.6 428 DBUK PCAM Limited London 100.0 (119.6) (0.6) 429 DD Finansman Anonim Sirketi Sisli 49.0 14.5 (1.7) 430 De Meng Innovative (Beijing) Consulting Company Limited Beijing 100.0 431 DeAM Infrastructure Limited London 100.0 432 DEBEKO Immobilien GmbH & Co Grundbesitz OHG Eschborn 100.0 310.1 150.2 433 DEE Deutsche Erneuerbare Energien GmbH Duesseldorf 100.0 12.1 2.7 434 DEGRU Erste Beteiligungsgesellschaft mbH i.L. Eschborn 100.0 435 Delowrezham de México S. de R.L. de C.V. Mexico City 100.0 436 DEUFRAN Beteiligungs GmbH Frankfurt 100.0 172.3 0.1 437 DEUKONA Versicherungs-Vermittlungs-GmbH Frankfurt 100.0 3.8 2.8 438 Deutsche (Aotearoa) Capital Holdings New Zealand Auckland 100.0 439 Deutsche (Aotearoa) Foreign Investments New Zealand Auckland 100.0 440 Deutsche Aeolia Power Production Société Anonyme Paiania 80.0 441 Deutsche Alt-A Securities, Inc. Wilmington 100.0 442 Deutsche Alternative Asset Management (France) SAS Paris 100.0 443 Deutsche Alternative Asset Management (Global) Limited London 100.0 48.2 7.0 444 Deutsche Alternative Asset Management (UK) Limited London 100.0 106.1 11.1 445 Deutsche Asia Pacific Holdings Pte Ltd Singapore 100.0 877.7 116.2 446 Deutsche Asset & Wealth Management International GmbH Frankfurt 1 100.0 38.9 0.0 145 Deutsche Bank Balance Sheet as Noes to the Accounts – 109 Annual Financial Statements of December 31, 2015 – 106 and Management Report Income Statement for the period of Deutsche Bank AG 2015 from January 1 to December 31, 2015 – 108

Share of Own Result Serial Domicile Foot- Capital funds in in € No. Name of company of company note in % € million million 447 Deutsche Asset & Wealth Management Investment GmbH Frankfurt 1 100.0 193.6 0.0 448 Deutsche Asset & Wealth Management Investment S.A. Luxembourg 100.0 392.5 140.7 449 Deutsche Asset Management (Asia) Limited Singapore 100.0 201.9 34.7 450 Deutsche Asset Management (Hong Kong) Limited Hong Kong 100.0 24.2 2.5 451 Deutsche Asset Management (India) Private Limited Mumbai 100.0 16.8 2.3 452 Deutsche Asset Management (Japan) Limited Tokyo 100.0 67.9 29.4 453 Deutsche Asset Management (Korea) Company Limited Seoul 2 100.0 11.1 1.5 454 Deutsche Asset Management (UK) Limited London 100.0 34.5 (6.3) 455 Deutsche Asset Management Group Limited London 100.0 22.8 3.8 456 Deutsche Auskunftei Service GmbH Hamburg 1 100.0 457 Deutsche Australia Limited (Sub-group) Sydney 2, 4 100.0 236.4 25.8 458 -Baincor Nominees Pty Limited Sydney 100.0 459 -Bainpro Nominees Pty Ltd Sydney 100.0 460 -BNA Nominees Pty Limited Sydney 100.0 461 -BTD Nominees Pty Limited Sydney 100.0 462 -Buxtal Pty. Limited Sydney 100.0 463 -Deutsche Capital Markets Australia Limited Sydney 100.0 464 -Deutsche Finance Co 1 Pty Limited Sydney 100.0 465 -Deutsche Finance Co 2 Pty Limited Sydney 100.0 466 -Deutsche Finance Co 3 Pty Limited Sydney 100.0 467 -Deutsche Finance Co 4 Pty Limited Sydney 100.0 468 -Deutsche Group Services Pty Limited Sydney 100.0 469 -Deutsche Investments Australia Limited Sydney 100.0 470 -Deutsche Managed Investments Limited Sydney 100.0 471 -Deutsche Securities Australia Limited Sydney 100.0 472 -Deutsche Securitisation Australia Pty Limited Sydney 100.0 473 -DNU Nominees Pty Limited Sydney 100.0 474 -DTS Nominees Pty Limited Sydney 100.0 475 -OPS Nominees Pty Limited Sydney 100.0 476 -Pan Australian Nominees Pty Ltd Sydney 100.0 477 -R.B.M. Nominees Pty Ltd Sydney 100.0 478 -RTS Nominees Pty Limited Sydney 100.0 479 Deutsche Bank (Cayman) Limited George Town 100.0 51.3 3.0 480 Deutsche Bank (Chile) Santiago 100.0 157.2 7.6 481 Deutsche Bank (China) Co., Ltd. Beijing 100.0 1180.3 135.8 482 Deutsche Bank (Malaysia) Berhad Kuala Lumpur 100.0 365.6 24.0 483 Deutsche Bank (Malta) Ltd Floriana 100.0 484 Deutsche Bank (Mauritius) Limited Port Louis 100.0 34.2 3.7 485 Deutsche Bank (Perú) S.A. Lima 100.0 67.1 14.5 486 Deutsche Bank (Suisse) SA Geneva 100.0 644.7 78.5 487 Deutsche Bank (Uruguay) Sociedad Anónima Institución Financiera Externa Montevideo 100.0 488 DEUTSCHE BANK A.S. Istanbul 100.0 160.5 22.8 489 Deutsche Bank Bauspar-Aktiengesellschaft Frankfurt 100.0 730.3 125.1 490 Deutsche Bank Capital Finance LLC I Wilmington 100.0 300.0 0.0 491 Deutsche Bank Capital Funding LLC VII Wilmington 100.0 734.5 0.0 492 Deutsche Bank Capital LLC I Wilmington 100.0 292.0 0.0 493 Deutsche Bank Capital LLC IV Wilmington 100.0 148.7 0.0 494 Deutsche Bank Contingent Capital LLC II Wilmington 100.0 734.5 0.0 495 Deutsche Bank Contingent Capital LLC III Wilmington 100.0 1813.3 0.0 496 Deutsche Bank Contingent Capital LLC IV Wilmington 100.0 1000.0 0.0 497 Deutsche Bank Contingent Capital LLC V Wilmington 100.0 1271.6 0.0 498 Deutsche Bank Corretora de Valores S.A. Sao Paulo 100.0 46.4 3.2 499 Deutsche Bank Europe GmbH Frankfurt 1 100.0 10.0 0.0 500 Deutsche Bank Financial Company George Town 100.0 59.0 0.0 501 Deutsche Bank Financial Inc. Wilmington 100.0 502 Deutsche Bank International Limited St. Helier 100.0 207.9 5.1 503 Deutsche Bank International Trust Co. (Cayman) Limited George Town 100.0 504 Deutsche Bank International Trust Co. Limited St. Peter Port 100.0 505 Deutsche Bank Investments (Guernsey) Limited St. Peter Port 100.0 506 Deutsche Bank LIFERs Trust Wilmington 100.0 507 Deutsche Bank Luxembourg S.A. Luxembourg 100.0 5264.9 288.9 508 Deutsche Bank Mutui S.p.A. Milan 100.0 51.7 0.0 509 Deutsche Bank Nederland N.V. Amsterdam 100.0 904.8 40.7 510 Deutsche Bank Nominees (Jersey) Limited St. Helier 100.0 511 Deutsche Bank Polska Spólka Akcyjna Warsaw 100.0 987.7 40.2 512 Deutsche Bank Privat- und Geschäftskunden Aktiengesellschaft Frankfurt 1 100.0 2666.3 0.0 513 Deutsche Bank Realty Advisors, Inc. Wilmington 100.0 514 Deutsche Bank S.A. Buenos Aires 100.0 108.3 19.5 515 Deutsche Bank S.A. - Banco Alemão Sao Paulo 100.0 408.2 24.4 516 Deutsche Bank Securities Limited Toronto 100.0 92.7 3.3 517 Deutsche Bank Services (Jersey) Limited St. Helier 100.0 518 Deutsche Bank Società per Azioni Milan 99.8 1655.6 80.3 519 Deutsche Bank SPEARs/LIFERs Trust Wilmington 43.5 520 Deutsche Bank Trust Corporation (Sub-group) New York 4 100.0 6865.0 196.5 521 -Blue Cork, Inc. Wilmington 100.0 Deutsche Bank 2 – Annual Financial Statement 146 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

Share of Own Result Serial Domicile Foot- Capital funds in in € No. Name of company of company note in % € million million 522 -BT Commercial Corporation Wilmington 100.0 523 -D.B. International Delaware, Inc. Wilmington 100.0 524 -DB (Pacific) Limited Wilmington 100.0 525 -DB Abalone LLC Wilmington 100.0 526 -DB Bluebell Investments (Cayman) Partnership George Town 100.0 527 -DB Holdings (South America) Limited Wilmington 100.0 528 -DB Investment Managers, Inc. Wilmington 100.0 529 -DB Like-Kind Exchange Services Corp. Wilmington 100.0 530 -DB Partnership Management Ltd. Wilmington 100.0 531 -DB Portfolio Southwest, Inc. Houston 100.0 532 -DB Private Clients Corp. Wilmington 100.0 533 -DB Private Wealth Mortgage Ltd. New York 100.0 534 -DB Services Americas, Inc. Wilmington 100.0 535 -DB Services New Jersey, Inc. West Trenton 100.0 536 -DBNY Brazil Invest Co. Wilmington 100.0 537 -Deutsche Bank Holdings, Inc. Wilmington 100.0 538 -Deutsche Bank Insurance Agency Incorporated Baltimore 100.0 539 -Deutsche Bank Insurance Agency of Delaware Wilmington 100.0 540 -Deutsche Bank National Trust Company Los Angeles 100.0 541 -Deutsche Bank Trust Company Americas New York 100.0 542 -Deutsche Bank Trust Company Delaware Wilmington 100.0 543 -Deutsche International Corporate Services (Delaware) LLC Wilmington 100.0 544 -Deutsche Inversiones Limitada Santiago 100.0 545 -Deutsche Securities SpA Santiago 100.0 546 -Kelsey Street LLC Wilmington 100.0 547 -Long-Tail Risk Insurers, Ltd. Hamilton 100.0 548 -MAC Investments Ltd. George Town 100.0 549 -North Las Vegas Property LLC Wilmington 100.0 550 -Pelleport Investors, Inc. New York 100.0 551 -Singer Island Tower Suite LLC Wilmington 100.0 552 -Zumirez Drive LLC Wilmington 100.0 553 Deutsche Bank Trustee Services (Guernsey) Limited St. Peter Port 100.0 554 Deutsche Bank Österreich AG Vienna 100.0 18.7 (1.8) 555 Deutsche Bank, Sociedad Anónima Española Madrid 99.8 1135.5 91.5 556 Deutsche Capital Finance (2000) Limited George Town 100.0 557 Deutsche Capital Hong Kong Limited Hong Kong 100.0 13.1 0.7 558 Deutsche Capital Partners China Limited George Town 100.0 559 Deutsche CIB Centre Private Limited Mumbai 100.0 43.4 10.1 560 Deutsche Clubholding GmbH Frankfurt 95.0 561 Deutsche Colombia S.A.S. Bogotá 100.0 562 Deutsche Commodities Trading Co., Ltd. Shanghai 100.0 32.6 0.3 563 Deutsche Custody N.V. Amsterdam 100.0 564 Deutsche Emerging Markets Investments (Netherlands) B.V. Amsterdam 99.9 565 Deutsche Equities India Private Limited Mumbai 100.0 65.1 25.4 566 Deutsche Far Eastern Asset Management Company Limited Taipei 60.0 567 Deutsche Fiduciary Services (Suisse) SA Geneva 100.0 568 Deutsche Finance No. 2 (UK) Limited London 100.0 569 Deutsche Finance No. 2 Limited George Town 100.0 68.8 186.4 570 Deutsche Finance No. 4 (UK) Limited (in members' voluntary liquidation) London 100.0 571 Deutsche Financial Capital I Corp. Greensboro 50.0 572 Deutsche Financial Capital Limited Liability Company Greensboro 50.0 573 Deutsche Futures Singapore Pte Ltd Singapore 100.0 20.4 (1.3) 574 Deutsche Gesellschaft für Immobilien-Leasing mit beschränkter Haftung Duesseldorf 100.0 575 Deutsche Global Markets Limited Tel Aviv 100.0 77.4 3.7 576 Deutsche Group Holdings (SA) Proprietary Limited Johannesburg 100.0 76.2 8.0 577 Deutsche Grundbesitz Beteiligungsgesellschaft mbH Eschborn 100.0 578 Deutsche Grundbesitz-Anlagegesellschaft mit beschränkter Haftung Frankfurt 1 99.8 579 Deutsche Gulf Finance Riyadh 29.1 107.9 3.8 580 Deutsche GUO Mao Investments (Netherlands) B.V. Amsterdam 100.0 581 Deutsche Haussmann S.à r.l. Luxembourg 100.0 (71.0) 0.0 582 Deutsche Holdings (BTI) Limited London 100.0 583 Deutsche Holdings (Luxembourg) S.à r.l. Luxembourg 100.0 3142.2 114.2 584 Deutsche Holdings (Malta) Ltd. Floriana 100.0 618.6 13.1 585 Deutsche Holdings (SA) (Proprietary) Limited Johannesburg 100.0 586 Deutsche Holdings Limited London 2 100.0 1665.4 5.3 587 Deutsche Holdings No. 2 Limited London 2 100.0 152.2 31.0 588 Deutsche Holdings No. 3 Limited London 2 100.0 (4.4) 31.5 589 Deutsche Holdings No. 4 Limited London 100.0 1352.9 212.3 590 Deutsche Immobilien Leasing GmbH Duesseldorf 1 100.0 26.5 0.0 591 Deutsche India Holdings Private Limited Mumbai 100.0 53.5 29.9 592 Deutsche International Corporate Services (Ireland) Limited Dublin 100.0 19.7 4.0 593 Deutsche International Corporate Services Limited St. Helier 100.0 2.8 2.5 594 Deutsche International Custodial Services Limited St. Helier 100.0 595 Deutsche International Finance (Ireland) Limited Dublin 100.0 596 Deutsche International Trust Company N.V. Amsterdam 100.0 11.9 (0.3) 147 Deutsche Bank Balance Sheet as Noes to the Accounts – 109 Annual Financial Statements of December 31, 2015 – 106 and Management Report Income Statement for the period of Deutsche Bank AG 2015 from January 1 to December 31, 2015 – 108

Share of Own Result Serial Domicile Foot- Capital funds in in € No. Name of company of company note in % € million million 597 Deutsche International Trust Corporation (Mauritius) Limited Port Louis 100.0 598 Deutsche Inversiones Dos S.A. Santiago 100.0 96.7 3.2 599 DEUTSCHE INVEST Reale Werte geschl. Inv. AG Cologne 100.0 600 Deutsche Investments (Netherlands) N.V. Amsterdam 100.0 601 Deutsche Investments India Private Limited Mumbai 100.0 164.8 9.4 602 Deutsche Investor Services Private Limited Mumbai 100.0 603 Deutsche IT License GmbH Eschborn 1 100.0 15.8 0.0 604 Deutsche Knowledge Services Pte. Ltd. Singapore 100.0 21.9 1.2 605 Deutsche Mandatos S.A. Buenos Aires 100.0 606 Deutsche Mexico Holdings S.à r.l. Luxembourg 100.0 607 Deutsche Morgan Grenfell Group Public Limited Company London 2 100.0 968.3 4.6 608 Deutsche Morgan Grenfell Nominees Pte Ltd Singapore 100.0 609 Deutsche Mortgage Securities, Inc. Wilmington 100.0 610 Deutsche New Zealand Limited (Sub-group) Auckland 4 100.0 43.4 (3.8) 611 -Deutsche (New Munster) Holdings New Zealand Limited Auckland 100.0 612 -Deutsche Domus New Zealand Limited Auckland 100.0 613 -Deutsche Foras New Zealand Limited Auckland 100.0 614 -Deutsche Overseas Issuance New Zealand Limited Auckland 100.0 615 -Deutsche Securities New Zealand Limited Auckland 100.0 616 -Kingfisher Nominees Limited Auckland 100.0 617 -LWC Nominees Limited Auckland 100.0 618 Deutsche Nominees Limited London 100.0 619 Deutsche Oppenheim Family Office AG Grasbrunn 1 100.0 620 Deutsche Postbank AG (Sub-group) Bonn 2, 4, 5 100.0 6601.0 278.0 621 -BHW - Gesellschaft für Wohnungswirtschaft mbH Hameln 1 100.0 622 -BHW Bausparkasse Aktiengesellschaft Hameln 100.0 623 -BHW Gesellschaft für Vorsorge mbH Hameln 1 100.0 624 -BHW Holding AG Hameln 1 100.0 625 -Deutsche Postbank Finance Center Objekt GmbH Schuttrange 100.0 626 -Deutsche Postbank Funding LLC I Wilmington 100.0 627 -Deutsche Postbank Funding LLC II Wilmington 100.0 628 -Deutsche Postbank Funding LLC III Wilmington 100.0 629 -Deutsche Postbank Funding LLC IV Wilmington 100.0 630 -DSL Portfolio GmbH & Co. KG Bonn 100.0 631 -DSL Portfolio Verwaltungs GmbH Bonn 100.0 632 -PB Factoring GmbH Bonn 1 100.0 633 -PB Firmenkunden AG Bonn 1 100.0 634 -PB International S.A. Schuttrange 100.0 635 -PB Spezial-Investmentaktiengesellschaft mit Teilgesellschaftsvermögen Bonn 98.4 636 -Postbank Beteiligungen GmbH Bonn 1 100.0 637 -Postbank Filial GmbH Bonn 1 100.0 638 -Postbank Filialvertrieb AG Bonn 1 100.0 639 -Postbank Finanzberatung AG Hameln 100.0 640 -Postbank Immobilien GmbH Hameln 1 100.0 641 -Postbank Immobilien und Baumanagement GmbH Bonn 1 100.0 642 -Postbank Immobilien und Baumanagement GmbH & Co. Objekt Leipzig KG Bonn 90.0 643 -Postbank Leasing GmbH Bonn 1 100.0 644 -Postbank Systems AG Bonn 1 100.0 645 Deutsche Private Asset Management Limited London 100.0 646 Deutsche Regis Partners Inc Makati City 49.0 13.4 6.7 647 Deutsche River Investment Management Company S.à r.l. Luxembourg 49.0 648 Deutsche Securities (India) Private Limited New Delhi 100.0 10.9 0.4 649 Deutsche Securities (Perú) S.A. Lima 100.0 650 Deutsche Securities (Proprietary) Limited Johannesburg 100.0 33.7 11.8 651 Deutsche Securities (SA) (Proprietary) Limited Johannesburg 100.0 652 Deutsche Securities Asia Limited Hong Kong 100.0 292.7 15.2 653 Deutsche Securities Inc. Tokyo 100.0 903.9 165.8 654 Deutsche Securities Israel Ltd. Tel Aviv 100.0 10.5 0.3 655 Deutsche Securities Korea Co. Seoul 100.0 243.8 3.0 656 Deutsche Securities Mauritius Limited Port Louis 100.0 657 Deutsche Securities Menkul Degerler A.S. Istanbul 100.0 11.8 2.3 658 Deutsche Securities S.A. Buenos Aires 100.0 659 Deutsche Securities Saudi Arabia LLC Riyadh 100.0 132.9 0.5 660 Deutsche Securities Venezuela S.A. Caracas 100.0 661 Deutsche Services Polska Sp. z o.o. Warsaw 100.0 662 Deutsche StiftungsTrust GmbH Frankfurt 1 100.0 663 Deutsche Strategic Investment Holdings Yugen Kaisha Tokyo 100.0 664 Deutsche TISCO Investment Advisory Company Limited Bangkok 49.0 665 Deutsche Transnational Trustee Corporation Inc Charlottetown 100.0 666 Deutsche Trust Company Limited Japan Tokyo 100.0 667 Deutsche Trustee Company Limited London 100.0 29.0 7.8 668 Deutsche Trustee Services (India) Private Limited Mumbai 100.0 669 Deutsche Trustees Malaysia Berhad Kuala Lumpur 100.0 670 Deutsche Zurich Pensiones Entidad Gestora de Fondos de Pensiones, S.A. Barcelona 50.0 671 Deutscher Pensionsfonds Aktiengesellschaft Bonn 25.1 Deutsche Bank 2 – Annual Financial Statement 148 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

Share of Own Result Serial Domicile Foot- Capital funds in in € No. Name of company of company note in % € million million 672 Deutsches Institut für Altersvorsorge GmbH Frankfurt 78.0 673 Deutz-Mülheim Grundstücksgesellschaft mbH Duesseldorf 40.2 674 DG China Clean Tech Partners Tianjin 49.9 675 DI Deutsche Immobilien Baugesellschaft mbH Frankfurt 100.0 676 DI Deutsche Immobilien Treuhandgesellschaft mbH Frankfurt 1 100.0 677 DIB-Consult Deutsche Immobilien- und Beteiligungs-Beratungsgesellschaft mbH Duesseldorf 100.0 678 DIL Europa-Beteiligungsgesellschaft mbH i.L. Duesseldorf 100.0 679 DIL Financial Services GmbH & Co. KG Duesseldorf 100.0 680 DIL Fonds-Beteiligungsgesellschaft mbH Duesseldorf 100.0 681 DIL Internationale Leasinggesellschaft mbH Duesseldorf 50.0 682 DISCA Beteiligungsgesellschaft mbH Duesseldorf 1 100.0 683 DIV Holding GmbH Luetzen-Gostau 100.0 684 Domus Beteiligungsgesellschaft der Privaten Bausparkassen mbH Berlin 21.1 685 DONARUM Holding GmbH Duesseldorf 50.0 686 Donlen Exchange Services Inc. Boston 100.0 687 Drehscheibe Bochum GmbH & Co. KG Frankfurt 100.0 688 DREIUNDZWANZIGSTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0 689 DREIZEHNTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0 690 DRITTE Fonds-Beteiligungsgesellschaft mbH Duesseldorf 50.0 691 DRITTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0 692 Durian (Luxembourg) S.à r.l. Luxembourg 100.0 693 Dusk II, LLC Wilmington 100.0 694 DWS Holding & Service GmbH Frankfurt 1 99.4 336.4 0.0 695 DWS Investments (Spain), S.G.I.I.C., S.A. Madrid 100.0 696 EC EUROPA IMMOBILIEN FONDS NR. 3 GmbH & CO. KG i.I. Hamburg 65.2 697 EINUNDZWANZIGSTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0 698 Elba Finance GmbH Eschborn 100.0 699 Elbe Properties S.à r.l. Luxembourg 25.0 700 ELC Logistik-Centrum Verwaltungs-GmbH Erfurt 50.0 701 ELFTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0 702 Elizabethan Holdings Limited George Town 100.0 703 Elizabethan Management Limited George Town 100.0 704 Elmo Funding GmbH Eschborn 1 100.0 10.3 0.0 705 Elmo Leasing Vierzehnte GmbH Eschborn 1 100.0 706 Emerald Asset Repackaging Limited Dublin 100.0 707 Enterprise Fleet Management Exchange, Inc. Wilmington 100.0 708 Enterprise Vehicle Exchange, Inc. Wilmington 100.0 709 EOL2 Holding B.V. Amsterdam 45.0 710 eolec Issy-les- 33.3 Moulineaux 711 EQR-Old Town Lofts LLC Wilmington 100.0 712 EQR-Pearl LLC Wilmington 100.0 713 EQR-Soma II A LP Wilmington 100.0 714 EQR-Soma II GP A LLC Wilmington 100.0 715 equiNotes Management GmbH Duesseldorf 50.0 716 Erica Società a Responsabilità Limitata Milan 40.0 717 Erste Frankfurter Hoist GmbH Eschborn 100.0 718 European Value Added I (Alternate G.P.) LLP London 100.0 719 Evergreen Amsterdam Holdings B.V. Amsterdam 100.0 720 Evergreen International Holdings B.V. Amsterdam 100.0 0.4 86.1 721 Evergreen International Investments B.V. Amsterdam 100.0 722 Evergreen International Leasing B.V. Amsterdam 100.0 0.3 (42.4) 723 EVROENERGIAKI S.A. Alexandroupolis 40.0 724 Exinor SA (dissolution volontaire) Bastogne 100.0 725 EXTOREL Private Equity Advisers GmbH Cologne 100.0 726 FARAMIR Beteiligungs- und Verwaltungs GmbH Cologne 100.0 727 Farezco I, S. de R.L. de C.V. Mexico City 100.0 728 Farezco II, S. de R.L. de C.V. Mexico City 100.0 729 Fenix Administración de Activos S. de R.L. de C.V. Mexico City 100.0 730 Fiduciaria Sant' Andrea S.r.L. Milan 100.0 731 Finanza & Futuro Banca SpA Milan 100.0 42.9 18.8 732 FRANKFURT CONSULT GmbH Frankfurt 1 100.0 733 Franz Urbig- und Oscar Schlitter-Stiftung Gesellschaft mit beschränkter Haftung Frankfurt 100.0 734 Funds Nominees Limited (in members' voluntary liquidation) London 100.0 735 FÜNFTE Fonds-Beteiligungsgesellschaft mbH Duesseldorf 50.0 736 FÜNFTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0 737 Fünfte SAB Treuhand und Verwaltung GmbH & Co. "Leipzig-Magdeburg" KG Bad Homburg 40.7 738 Fünfte SAB Treuhand und Verwaltung GmbH & Co. Dresden "Louisenstraße" KG Bad Homburg 30.6 739 Fünfte SAB Treuhand und Verwaltung GmbH & Co. Suhl "Rimbachzentrum" KG Bad Homburg 74.9 740 FÜNFUNDZWANZIGSTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0 741 FÜNFZEHNTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0 742 GbR Goethestraße Cologne 94.0 743 German Access LLP London 100.0 744 German Public Sector Finance B.V. Amsterdam 50.0 745 Gesellschaft für Kreditsicherung mit beschränkter Haftung Berlin 36.7 149 Deutsche Bank Balance Sheet as Noes to the Accounts – 109 Annual Financial Statements of December 31, 2015 – 106 and Management Report Income Statement for the period of Deutsche Bank AG 2015 from January 1 to December 31, 2015 – 108

Share of Own Result Serial Domicile Foot- Capital funds in in € No. Name of company of company note in % € million million 746 giropay GmbH Frankfurt 33.3 747 Global Salamina, S.L. Madrid 26.6 0.3 (4.3) 748 Gordian Knot Limited London 32.4 749 Graphite Resources (Knightsbridge) Limited London 45.0 750 Graphite Resources Holdings Limited London 70.0 751 Great Future International Limited Road Town 43.0 752 Grundstücksgesellschaft Frankfurt Bockenheimer Landstraße GbR Troisdorf 94.9 753 Grundstücksgesellschaft Köln-Ossendorf VI GbR Troisdorf 44.9 754 Grundstücksgesellschaft Köln-Ossendorf VI mbH Cologne 100.0 755 Grundstücksgesellschaft Leipzig Petersstraße GbR Troisdorf 36.1 756 Grundstücksgesellschaft Wiesbaden Luisenstraße/Kirchgasse GbR Troisdorf 64.7 148.7 (4.4) 757 Grundstücksvermietungsgesellschaft Wilhelmstr. mbH Gruenwald 100.0 758 Gulara Pty Ltd Sydney 100.0 759 GUO Mao International Hotels B.V. Amsterdam 100.0 0.2 8.7 760 HAH Limited (in members' voluntary liquidation) London 100.0 761 Hakkeijima Godo Kaisha Tokyo 95.0 762 Harvest Fund Management Company Limited Shanghai 30.0 368.9 86.8 763 HCA Exchange, Inc. Wilmington 100.0 764 Herengracht Financial Services B.V. Amsterdam 100.0 765 Hertz Car Exchange Inc. Wilmington 100.0 766 HTB Spezial GmbH & Co. KG Cologne 100.0 767 Huarong Rongde Asset Management Company Limited Beijing 40.7 737.4 127.6 768 Hudson 1003 4th Place, LLC Wilmington 100.0 769 Hudson 405 Mateo, LLC Wilmington 100.0 770 Hudson 4th & Traction, LLC Wilmington 100.0 771 IKARIA Beteiligungs- und Verwaltungsgesellschaft mbH Cologne 100.0 772 ILV Immobilien-Leasing Verwaltungsgesellschaft Düsseldorf mbH Duesseldorf 50.0 773 Immobilien-Vermietungsgesellschaft Schumacher GmbH & Co. Objekt Rolandufer KG Berlin 20.5 774 Immobilienfonds Büro-Center Erfurt am Flughafen Bindersleben II GbR Troisdorf 50.0 775 Inn Properties S.à r.l., en faillite Luxembourg 25.0 776 Intermodal Finance I Ltd. George Town 49.0 16.9 9.4 777 IOS Finance E F C S.A. Barcelona 100.0 54.5 9.0 778 Isaac Newton S.A. Luxembourg 95.0 779 Isar Properties S.à r.l., en faillite Luxembourg 25.0 780 ISTRON Beteiligungs- und Verwaltungs-GmbH Cologne 100.0 781 IVAF I Manager, S.à r.l. Luxembourg 100.0 782 IZI Düsseldorf Informations-Zentrum Immobilien Gesellschaft mit beschränkter Haftung Duesseldorf 21.1 783 IZI Düsseldorf Informations-Zentrum Immobilien GmbH & Co. Kommanditgesellschaft Duesseldorf 21.6 784 JG Japan Grundbesitzverwaltungsgesellschaft mbH i.L. Eschborn 100.0 785 JR Nominees (Proprietary) Limited Johannesburg 100.0 786 Jyogashima Godo Kaisha Tokyo 100.0 787 KEBA Gesellschaft für interne Services mbH Frankfurt 1 100.0 788 Kenanga Deutsche Futures Sdn Bhd Kuala Lumpur 27.0 789 Kidson Pte Ltd Singapore 100.0 32.6 (0.1) 790 Kinneil Leasing Company London 35.0 791 KOMPASS 3 Beteiligungsgesellschaft mbH Duesseldorf 50.0 792 KOMPASS 3 Erste Beteiligungsgesellschaft mbH & Co. Euro KG Duesseldorf 96.1 793 KOMPASS 3 Zweite Beteiligungsgesellschaft mbH & Co. USD KG Duesseldorf 97.0 794 Konsul Inkasso GmbH Essen 1 100.0 795 Kradavimd UK Lease Holdings Limited London 100.0 796 Kunshan RREEF Equity Investment Fund Management Co. Ltd. Kunshan 100.0 797 KVD Singapore Pte. Ltd. Singapore 30.0 798 KölnArena Beteiligungsgesellschaft mbH i.L. Cologne 20.8 799 LA Water Holdings Limited George Town 75.0 7.4 9.0 800 Lammermuir Leasing Limited London 100.0 13.9 0.1 801 Latin America Recovery Fund LLC Wilmington 100.0 802 LAWL Pte. Ltd. Singapore 100.0 20.8 3.3 803 Leasing Verwaltungsgesellschaft Waltersdorf mbH Schoenefeld 100.0 804 Leo Consumo 2 S.r.l. Conegliano 70.0 805 Leonardo III Initial GP Limited London 100.0 806 Lindsell Finance Limited St. Julian's 100.0 807 London Industrial Leasing Limited London 100.0 808 M Cap Finance Mittelstandsfonds GmbH & Co. KG Frankfurt 77.1 91.6 9.6 809 Macondo Spain, Sociedad Limitada Madrid 100.0 810 Maestrale Projects (Holding) S.A. Luxembourg 49.7 811 Magalhaes S.A. Luxembourg 95.0 812 Maher Terminals Holdings (Toronto) Limited Vancouver 100.0 263.9 186.2 813 Main Properties S.à r.l. Luxembourg 25.0 814 Manuseamento de Cargas - Manicargas, S.A. Matosinhos 38.3 13.6 3.1 815 Maxblue Americas Holdings, S.A. Madrid 100.0 816 MCT Südafrika 3 GmbH & Co. KG Hamburg 35.3 817 MEF I Manager, S. à r.l. Luxembourg 100.0 818 MEFIS Beteiligungsgesellschaft mbH Frankfurt 62.0 84.5 0.0 819 Memax Pty. Limited Sydney 100.0 820 Metro plus Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 40.0 Deutsche Bank 2 – Annual Financial Statement 150 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

Share of Own Result Serial Domicile Foot- Capital funds in in € No. Name of company of company note in % € million million 821 MFG Flughafen-Grundstücksverwaltungsgesellschaft mbH & Co. BETA KG i.L. Gruenwald 29.6 822 MidOcean (Europe) 2003 LP St. Helier 20.0 823 MidOcean Partners, LP New York 20.0 824 Midsel Limited London 100.0 825 Millennium Marine Rail, L.L.C. Elizabeth 50.0 2.6 4.6 826 Mira GmbH & Co. KG Frankfurt 100.0 827 Moon Leasing Limited London 100.0 828 Morgan Nominees Limited (in members' voluntary liquidation) London 100.0 829 Mortgage Trading (UK) Limited (in members' voluntary liquidation) London 100.0 830 Motion Picture Productions One GmbH & Co. KG Frankfurt 100.0 831 Mount Hope Community Center Fund, LLC Wilmington 49.9 832 Mountaintop Energy Holdings LLC Wilmington 38.7 833 MPP Beteiligungsgesellschaft mbH Frankfurt 100.0 834 MT "KING EDWARD" Tankschiffahrts GmbH & Co. KG Hamburg 20.3 835 MT "KING ERIC" Tankschiffahrts GmbH & Co. KG Hamburg 20.3 836 MXB U.S.A., Inc. Wilmington 100.0 837 Navegator - SGFTC, S.A. Lisbon 100.0 838 NBG Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0 839 NCW Holding Inc. Vancouver 100.0 840 NEPTUNO Verwaltungs- und Treuhand-Gesellschaft mit beschränkter Haftung Cologne 1 100.0 841 NEUNTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0 842 NEUNZEHNTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0 843 Nevada Mezz 1 LLC Wilmington 100.0 844 Nevada Parent 1 LLC Wilmington 100.0 (62.5) 17.4 845 Nexus Infrastruktur Beteiligungsgesellschaft mbH Duesseldorf 50.0 846 Nineco Leasing Limited London 100.0 847 NOFA Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0 848 Nordwestdeutscher Wohnungsbauträger Gesellschaft mit beschränkter Haftung Frankfurt 1 100.0 55.2 0.0 849 norisbank GmbH Bonn 1 100.0 433.9 0.0 850 Nortfol Pty. Limited Sydney 100.0 851 North Coast Wind Energy Corp. Vancouver 96.7 852 Nummus Beteiligungs GmbH & Co. KG Frankfurt 27.8 853 NV Profit Share Limited George Town 42.9 854 OAM Köln GmbH Cologne 1 100.0 30.5 0.0 855 Oder Properties S.à r.l., en faillite Luxembourg 25.0 856 OOO "Deutsche Bank TechCentre" Moscow 100.0 14.3 11.6 857 OOO "Deutsche Bank" Moscow 100.0 154.2 21.8 858 Opal Funds (Ireland) Public Limited Company Dublin 100.0 859 OPB Verwaltungs- und Beteiligungs-GmbH Cologne 100.0 860 OPB Verwaltungs- und Treuhand GmbH Cologne 100.0 861 OPB-Holding GmbH Cologne 2 100.0 14.6 2.3 862 OPB-Nona GmbH Frankfurt 100.0 863 OPB-Oktava GmbH Cologne 100.0 864 OPB-Quarta GmbH Cologne 100.0 865 OPB-Quinta GmbH Cologne 100.0 866 OPB-Septima GmbH Cologne 100.0 867 Oppenheim Asset Management Services S.à r.l. Luxembourg 100.0 5.6 2.5 868 OPPENHEIM Buy Out GmbH & Co. KG Cologne 27.7 869 OPPENHEIM Capital Advisory GmbH Cologne 100.0 870 Oppenheim Eunomia GmbH Cologne 100.0 871 OPPENHEIM Flottenfonds V GmbH & Co. KG Cologne 83.3 872 Oppenheim Fonds Trust GmbH Cologne 1 100.0 873 OPPENHEIM PRIVATE EQUITY Manager GmbH Cologne 100.0 874 OPPENHEIM PRIVATE EQUITY Verwaltungsgesellschaft mbH Cologne 100.0 875 OVT Trust 1 GmbH Cologne 1 100.0 876 OVV Beteiligungs GmbH Cologne 100.0 877 P.F.A.B. Passage Frankfurter Allee Betriebsgesellschaft mbH Berlin 22.2 878 PADEM Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0 879 PADOS Grundstücks-Vermietungsgesellschaft mbH i.L. Duesseldorf 50.0 880 PADUS Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 100.0 881 PAGUS Beteiligungsgesellschaft mbH Duesseldorf 50.0 882 PALDO Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0 883 Pan-European Infrastructure II, L.P. London 100.0 884 PANIS Grundstücks-Vermietungsgesellschaft mbH i.I. Duesseldorf 50.0 885 PANTUR Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0 886 Parkhaus an der Börse GbR Cologne 37.7 887 PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0 888 PBC Banking Services GmbH Frankfurt 1 100.0 570.0 0.0 889 PBC Services GmbH der Deutschen Bank Frankfurt 1 100.0 890 PEDIS Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0 891 PEDUM Beteiligungsgesellschaft mbH Duesseldorf 50.0 892 PEIF II SLP Feeder, L.P. Edinburgh 60.0 893 Pembol Nominees Limited (in members' voluntary liquidation) London 100.0 894 PENDIS Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0 895 PENTUM Beteiligungsgesellschaft mbH Duesseldorf 50.0 151 Deutsche Bank Balance Sheet as Noes to the Accounts – 109 Annual Financial Statements of December 31, 2015 – 106 and Management Report Income Statement for the period of Deutsche Bank AG 2015 from January 1 to December 31, 2015 – 108

Share of Own Result Serial Domicile Foot- Capital funds in in € No. Name of company of company note in % € million million 896 PERGOS Beteiligungsgesellschaft mbH Duesseldorf 50.0 897 PERGUM Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0 898 PERILLA Beteiligungsgesellschaft mbH Duesseldorf 50.0 899 PERLIT Mobilien-Vermietungsgesellschaft mbH Duesseldorf 50.0 900 PERLU Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0 901 PERNIO Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0 902 Peruda Leasing Limited London 100.0 (86.2) 0.1 903 PERXIS Beteiligungsgesellschaft mbH Duesseldorf 50.0 904 PETA Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0 905 PHARMA/wHEALTH Management Company S.A. Luxembourg 99.9 906 Philippine Opportunities for Growth and Income (SPV-AMC), INC. Manila 95.0 21.9 1.8 907 Plantation Bay, Inc. St. Thomas 100.0 908 PONTUS Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0 909 Postbank Akademie und Service GmbH Hameln 100.0 910 Postbank Direkt GmbH Bonn 1 100.0 911 Postbank Service GmbH Essen 1 100.0 912 PPCenter, Inc. Wilmington 100.0 913 PRADUM Beteiligungsgesellschaft mbH Duesseldorf 50.0 914 PRASEM Beteiligungsgesellschaft mbH Duesseldorf 50.0 915 PRATES Grundstücks-Vermietungsgesellschaft mbH Schoenefeld 50.0 916 Primelux Insurance S.A. Luxembourg 100.0 11.5 (1.4) 917 PRISON Grundstücks-Vermietungsgesellschaft mbH Schoenefeld 50.0 918 Private Equity Asia Select Company III S.à r.l. Luxembourg 100.0 919 Private Equity Global Select Company IV S.à r.l. Luxembourg 100.0 920 Private Equity Global Select Company V S.à r.l. Luxembourg 100.0 921 Private Equity Invest Beteiligungs GmbH Duesseldorf 50.0 922 Private Equity Life Sciences Beteiligungsgesellschaft mbH Duesseldorf 50.0 923 Private Equity Select Company S.à r.l. Luxembourg 100.0 924 Private Financing Initiatives, S.L. Barcelona 51.0 2.4 6.1 925 PS plus Portfolio Software + Consulting GmbH Roedermark 80.2 926 PT Deutsche Securities Indonesia Jakarta 99.0 18.7 2.3 927 PT. Deutsche Verdhana Indonesia Jakarta 40.0 928 PTL Fleet Sales, Inc. Wilmington 100.0 929 Public joint-stock company "Deutsche Bank DBU" Kiev 100.0 14.6 5.1 930 PUDU Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0 931 PUKU Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0 932 PURIM Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0 933 PX Group Limited Stockton on Tees 29.4 934 QI Exchange, LLC Wilmington 100.0 935 QUANTIS Grundstücks-Vermietungsgesellschaft mbH Schoenefeld 50.0 936 QUELLUM Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0 937 QUOTAS Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0 938 Raymond James New York Housing Opportunities Fund I-A L.L.C. New York 33.0 939 Raymond James New York Housing Opportunities Fund I-B L.L.C. New York 33.3 940 Raymond James New York Upstate Housing Opportunities Fund I L.L.C. New York 24.9 941 Real Estate Secondary Opportunities Fund, LP London 100.0 942 Reference Capital Investments Limited London 100.0 943 Regula Limited Road Town 100.0 944 Relax Holding S.à r.l. Luxembourg 20.0 945 REON - Park Wiatrowy I Sp. z o.o. Warsaw 50.0 946 REON-Park Wiatrowy II Sp. z o.o. Warsaw 50.0 947 REON-Park Wiatrowy IV Sp. z o.o. Warsaw 50.0 948 Rhine Properties S.à r.l., en faillite Luxembourg 25.0 949 Royster Fund Management S.à r.l. Luxembourg 100.0 950 RREEF China REIT Management Limited Hong Kong 100.0 951 RREEF European Value Added I (G.P.) Limited London 100.0 952 RREEF India Advisors Private Limited Mumbai 100.0 953 RREEF Investment GmbH Frankfurt 1 99.9 21.7 0.0 954 RREEF Management GmbH Frankfurt 1 100.0 122.7 0.0 955 RREEF Spezial Invest GmbH Frankfurt 1 100.0 26.5 0.0 956 SAB Real Estate Verwaltungs GmbH Hameln 100.0 957 SABIS Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0 958 Safron NetOne Partners, L.P. George Town 21.7 959 SAGITA Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 100.0 960 Sal. Oppenheim Alternative Investments GmbH Cologne 1 100.0 83.3 0.0 961 Sal. Oppenheim Global Invest GmbH Cologne 100.0 962 Sal. Oppenheim jr. & Cie. AG & Co. Kommanditgesellschaft auf Aktien Cologne 1 100.0 959.5 0.0 963 Sal. Oppenheim jr. & Cie. Beteiligungs GmbH Cologne 2 100.0 31.9 7.9 964 Sal. Oppenheim jr. & Cie. Komplementär AG Cologne 1 100.0 965 Sal. Oppenheim jr. & Cie. Luxembourg S.A. Luxembourg 100.0 111.3 (32.7) 966 SALIX Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0 967 SALOMON OPPENHEIM GmbH i.L. Cologne 100.0 968 SALUS Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0 969 SALUS Grundstücks-Vermietungsgesellschaft mbH & Co. Objekt Dresden KG Duesseldorf 58.5 970 SANCTOR Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0 Deutsche Bank 2 – Annual Financial Statement 152 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

Share of Own Result Serial Domicile Foot- Capital funds in in € No. Name of company of company note in % € million million 971 SANDIX Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0 972 SANO Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0 973 SAPIO Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 100.0 974 SARIO Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0 975 SATINA Mobilien-Vermietungsgesellschaft mbH Duesseldorf 50.0 976 SCANDO Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0 977 SCHEDA Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0 978 Schiffahrts UG (haftungsbeschränkt) & Co. KG MS "DYCKBURG" i.I. Hamburg 41.3 979 Schumacher Beteiligungsgesellschaft mbH Cologne 33.2 980 SCITOR Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0 981 SCITOR Grundstücks-Vermietungsgesellschaft mbH & Co. Objekt Heiligenstadt KG Duesseldorf 71.1 982 SCUDO Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 100.0 983 SCUDO Grundstücks-Vermietungsgesellschaft mbH & Co. Objekt Kleine Alexanderstraße KG Duesseldorf 95.0 984 SECHSTE Fonds-Beteiligungsgesellschaft mbH Duesseldorf 50.0 985 SECHSTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0 986 SECHZEHNTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0 987 SEDO Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 100.0 988 SEGES Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0 989 SEGU Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0 990 SELEKTA Grundstücksverwaltungsgesellschaft mbH Duesseldorf 50.0 991 SENA Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0 992 SENA Grundstücks-Vermietungsgesellschaft mbH & Co. Objekt Fehrenbach KG i.L. Duesseldorf 94.7 993 SENA Grundstücks-Vermietungsgesellschaft mbH & Co. Objekt Halle II KG i.L. Duesseldorf 100.0 994 SENA Grundstücks-Vermietungsgesellschaft mbH & Co. Objekt Kamenz KG Duesseldorf 100.0 995 SERICA Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0 996 Service Company Five Limited Hong Kong 100.0 997 Service Company Four Limited Hong Kong 100.0 998 SIDA Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0 999 SIEBTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0 1000 SIEBZEHNTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0 1001 SIFA Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 100.0 1002 SILANUS Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0 1003 SILEX Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0 1004 SILEX Grundstücks-Vermietungsgesellschaft mbH & Co. Objekt Berlin KG Duesseldorf 83.8 1005 SILIGO Mobilien-Vermietungsgesellschaft mbH Duesseldorf 50.0 1006 Silrendel, S. de R. L. de C. V. Mexico City 100.0 (4.5) (2.2) 1007 SILUR Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0 1008 SIMILA Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0 1009 Sixco Leasing Limited London 100.0 1010 SOLATOR Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0 1011 SOLIDO Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 100.0 1012 SOLON Grundstücks-Vermietungsgesellschaft mbH Schoenefeld 50.0 1013 SOLON Grundstücks-Vermietungsgesellschaft mbH & Co. Objekt Heizkraftwerk Halle KG i.L. Halle/Saale 30.5 1014 SOLUM Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0 1015 SOMA Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0 1016 SOREX Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0 1017 SOSPITA Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0 1018 SPhinX, Ltd. (in voluntary liquidation) George Town 43.6 1019 SPINO Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 100.0 1020 SPLENDOR Grundstücks-Vermietungsgesellschaft mbH Schoenefeld 50.0 1021 SRC Security Research & Consulting GmbH Bonn 22.5 1022 STABLON Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 100.0 1023 STAGIRA Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0 1024 Starpool Finanz GmbH Berlin 49.9 1025 Station Holdco LLC Wilmington 25.0 1026 STATOR Heizkraftwerk Frankfurt (Oder) Beteiligungsgesellschaft mbH Schoenefeld 100.0 1027 STUPA Heizwerk Frankfurt (Oder) Nord Beteiligungsgesellschaft mbH i.L. Schoenefeld 100.0 1028 SUBLICA Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0 1029 SUBLICA Grundstücks-Vermietungsgesellschaft mbH & Co. Objekt Promohypermarkt Gelsenkir- Duesseldorf 48.7 chen KG i.L. 1030 SUBU Mobilien-Vermietungsgesellschaft mbH Duesseldorf 50.0 1031 SULPUR Grundstücks-Vermietungsgesellschaft mbH Schoenefeld 50.0 1032 Sunbelt Rentals Exchange Inc. Wilmington 100.0 1033 Sunrise Beteiligungsgesellschaft mbH Frankfurt 1 100.0 1034 SUPERA Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0 1035 SUPLION Beteiligungsgesellschaft mbH Duesseldorf 50.0 1036 SUSA Mobilien-Vermietungsgesellschaft mbH Duesseldorf 50.0 1037 SUSIK Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0 1038 Swabia 1. Vermögensbesitz-GmbH Eschborn 100.0 1039 Sylvester (2001) Limited George Town 100.0 523.9 3.7 1040 Süddeutsche Vermögensverwaltung Gesellschaft mit beschränkter Haftung Frankfurt 100.0 1041 TABA Grundstücks-Vermietungsgesellschaft mbH Schoenefeld 50.0 1042 TACET Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0 1043 TAGO Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0 1044 Tagus - Sociedade de Titularização de Creditos, S.A. Lisbon 100.0 14.0 0.5 153 Deutsche Bank Balance Sheet as Noes to the Accounts – 109 Annual Financial Statements of December 31, 2015 – 106 and Management Report Income Statement for the period of Deutsche Bank AG 2015 from January 1 to December 31, 2015 – 108

Share of Own Result Serial Domicile Foot- Capital funds in in € No. Name of company of company note in % € million million 1045 TAGUS Beteiligungsgesellschaft mbH Duesseldorf 50.0 1046 TAKIR Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 100.0 1047 TARES Beteiligungsgesellschaft mbH i.L. Duesseldorf 100.0 1048 TEBOR Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0 1049 Teesside Gas Transportation Limited London 45.0 (204.4) 24.9 1050 Telefon-Servicegesellschaft der Deutschen Bank mbH Frankfurt 1 100.0 1051 TELO Beteiligungsgesellschaft mbH Schoenefeld 100.0 1052 TEMATIS Grundstücks-Vermietungsgesellschaft mbH i.L. Duesseldorf 100.0 1053 Tempurrite Leasing Limited London 2 100.0 31.2 0.2 1054 TERRUS Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 100.0 1055 TESATUR Beteiligungsgesellschaft mbH Duesseldorf 50.0 1056 TESATUR Beteiligungsgesellschaft mbH & Co. Objekt Halle I KG Duesseldorf 100.0 1057 TESATUR Beteiligungsgesellschaft mbH & Co. Objekt Nordhausen I KG Duesseldorf 100.0 1058 Thai Asset Enforcement and Recovery Asset Management Company Limited Bangkok 100.0 1059 The Debt Redemption Fund Limited George Town 99.8 1060 TIEDO Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0 1061 TIEDO Grundstücks-Vermietungsgesellschaft mbH & Co. Objekt Lager Nord KG Duesseldorf 25.0 1062 TIQI Exchange, LLC Wilmington 100.0 1063 TOKOS GmbH Luetzen-Gostau 100.0 1064 TOSSA Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 100.0 1065 TQI Exchange, LLC Wilmington 100.0 1066 TRAGO Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0 1067 Trave Properties S.à r.l., en faillite Luxembourg 25.0 1068 TREMA Grundstücks-Vermietungsgesellschaft mbH Berlin 50.0 1069 TRENTO Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0 1070 Treuinvest Service GmbH Frankfurt 100.0 1071 Trevona Limited Road Town 100.0 1072 TRINTO Beteiligungsgesellschaft mbH Schoenefeld 50.0 1073 TRIPLA Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 100.0 1074 Triplereason Limited London 100.0 329.8 0.6 1075 Triton Beteiligungs GmbH Frankfurt 33.1 1076 Triton Fund III G L.P. St. Helier 62.5 14.2 2.6 1077 TRS Aria LLC Wilmington 100.0 1078 TRS Birch II LTD George Town 100.0 1079 TRS Birch LLC Wilmington 100.0 1080 TRS Cypress II LTD George Town 100.0 1081 TRS Cypress LLC Wilmington 100.0 1082 TRS Elm II LTD George Town 100.0 1083 TRS Elm LLC Wilmington 100.0 1084 TRS HY FNDS LLC Wilmington 100.0 1085 TRS Leda LLC Wilmington 100.0 1086 TRS Maple II LTD George Town 100.0 1087 TRS Maple LLC Wilmington 100.0 1088 TRS Oak II LTD George Town 100.0 1089 TRS Oak LLC Wilmington 100.0 1090 TRS Poplar II LTD George Town 100.0 1091 TRS Poplar LLC Wilmington 100.0 1092 TRS Scorpio LLC Wilmington 100.0 1093 TRS Spruce II LTD George Town 100.0 1094 TRS Spruce LLC Wilmington 100.0 1095 TRS SVCO LLC Wilmington 100.0 1096 TRS Sycamore II LTD George Town 100.0 1097 TRS Sycamore LLC Wilmington 100.0 1098 TRS Tupelo II LTD George Town 100.0 1099 TRS Tupelo LLC Wilmington 100.0 1100 TRS Venor LLC Wilmington 100.0 1101 TRS Walnut II LTD George Town 100.0 1102 TRS Walnut LLC Wilmington 100.0 1103 TUDO Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0 1104 TUGA Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0 1105 TYRAS Beteiligungsgesellschaft mbH Duesseldorf 50.0 1106 U.S.A. Institutional Tax Credit Fund CVI L.P. Dover 24.8 1107 U.S.A. Institutional Tax Credit Fund XCV L.P. Wilmington 24.0 1108 U.S.A. ITCF XCI L.P. New York 99.9 1109 VARIS Beteiligungsgesellschaft mbH Duesseldorf 50.0 1110 VCG Venture Capital Fonds III Verwaltungs GmbH Munich 100.0 1111 VCG Venture Capital Gesellschaft mbH Munich 100.0 1112 VCJ Lease S.à r.l. Luxembourg 95.0 1113 VCL Lease S.à r.l. Luxembourg 95.0 1114 VCM Initiatoren III GmbH & Co. KG Munich 24.9 1115 VCM MIP III GmbH & Co. KG Cologne 61.0 1116 VCM Treuhand Beteiligungsverwaltung GmbH Cologne 100.0 1117 VCP Treuhand Beteiligungsgesellschaft mbH Cologne 100.0 1118 VCP Verwaltungsgesellschaft mbH Cologne 100.0 1119 Vertriebsgesellschaft mbH der Deutschen Bank Privat- und Geschäftskunden Berlin 100.0 Deutsche Bank 2 – Annual Financial Statement 154 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

Share of Own Result Serial Domicile Foot- Capital funds in in € No. Name of company of company note in % € million million 1120 Vesta Real Estate S.r.l. Milan 100.0 1121 VEXCO, LLC Wilmington 100.0 1122 VIERTE Fonds-Beteiligungsgesellschaft mbH Duesseldorf 50.0 1123 VIERTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0 1124 VIERUNDZWANZIGSTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0 1125 VIERZEHNTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0 1126 Volbroker.com Limited London 22.5 8.5 3.0 1127 VÖB-ZVD Processing GmbH Frankfurt 1 100.0 15.2 0.0 1128 Wealthspur Investment Company Limited Labuan 100.0 1129 WEPLA Beteiligungsgesellschaft mbH Frankfurt 100.0 76.3 (0.1) 1130 Weser Properties S.à r.l. Luxembourg 25.0 1131 WestLB Venture Capital Management GmbH & Co. KG Cologne 50.0 1132 Whale Holdings S.à r.l. Luxembourg 100.0 1133 Willem S.A. Luxembourg 95.0 1134 Wilson HTM Holdings Pty Limited Brisbane 20.0 1135 Wohnungs-Verwaltungsgesellschaft Moers mbH Duesseldorf 50.0 1136 Wohnungsgesellschaft HEGEMAG GmbH Darmstadt 50.0 1137 XARUS Grundstücks-Vermietungsgesellschaft mbH Schoenefeld 50.0 1138 XELLUM Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0 1139 XENTIS Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0 1140 XERA Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0 1141 XERIS Grundstücks-Vermietungsgesellschaft mbH i.I. Duesseldorf 50.0 1142 5000 Yonge Street Toronto Inc. Toronto 100.0 1143 ZABATUS Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0 1144 ZAKATUR Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0 1145 ZALLUS Beteiligungsgesellschaft mbH Duesseldorf 50.0 1146 ZANTOS Grundstücks-Vermietungsgesellschaft mbH i.L. Duesseldorf 50.0 1147 ZARAT Beteiligungsgesellschaft mbH Duesseldorf 50.0 1148 ZARAT Beteiligungsgesellschaft mbH & Co. Objekt Leben II KG Duesseldorf 98.0 1.1 48.0 1149 ZARGUS Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0 1150 ZEA Beteiligungsgesellschaft mbH Schoenefeld 25.0 1151 ZEHNTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0 1152 zeitinvest-Service GmbH Frankfurt 25.0 1153 ZELAS Beteiligungsgesellschaft mbH Duesseldorf 50.0 1154 ZELAS Beteiligungsgesellschaft mbH & Co. Leben I KG Duesseldorf 98.1 0.9 34.2 1155 ZENO Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0 1156 Zenwix Pty. Limited Sydney 100.0 1157 ZEPTOS Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0 1158 ZEREVIS Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0 1159 ZERGUM Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0 1160 Zhong De Securities Co., Ltd Beijing 33.3 129.4 (2.3) 1161 ZIBE Grundstücks-Vermietungsgesellschaft mbH i.L. Duesseldorf 50.0 1162 ZIDES Grundstücks-Vermietungsgesellschaft mbH Schoenefeld 50.0 1163 ZIMBEL Grundstücks-Vermietungsgesellschaft mbH Schoenefeld 50.0 1164 ZINDUS Beteiligungsgesellschaft mbH Duesseldorf 50.0 1165 ZINUS Grundstücks-Vermietungsgesellschaft mbH Schoenefeld 50.0 1166 ZIRAS Grundstücks-Vermietungsgesellschaft mbH Schoenefeld 50.0 1167 ZITON Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0 1168 ZITUS Grundstücks-Vermietungsgesellschaft mbH Schoenefeld 50.0 1169 ZONTUM Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0 1170 ZORUS Grundstücks-Vermietungsgesellschaft mbH Duesseldorf 50.0 1171 ZURET Beteiligungsgesellschaft mbH Duesseldorf 50.0 1172 ZWANZIGSTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0 1173 ZWEITE Fonds-Beteiligungsgesellschaft mbH Duesseldorf 50.0 1174 ZWEITE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0 1175 ZWEIUNDZWANZIGSTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0 1176 ZWÖLFTE PAXAS Treuhand- und Beteiligungsgesellschaft mbH Duesseldorf 50.0 1177 ZYLUM Beteiligungsgesellschaft mbH Schoenefeld 25.0 1178 ZYRUS Beteiligungsgesellschaft mbH Schoenefeld 25.0 1179 ZYRUS Beteiligungsgesellschaft mbH & Co. Patente I KG i.L. Schoenefeld 20.4 155 Deutsche Bank Balance Sheet as Noes to the Accounts – 109 Annual Financial Statements of December 31, 2015 – 106 and Management Report Income Statement for the period of Deutsche Bank AG 2015 from January 1 to December 31, 2015 – 108

Holdings in large corporations, where the holding exceeds 5% of voting rights Share of Own Result Serial Domicile of Foot- capital funds in in € No. Name of company company note in % € million million 1180 ABRAAJ Holdings George Town 8.8 1181 Accunia A/S Copenhagen 9.9 1182 Ayubowan Capital Ltd. Vancouver 8.5 1183 BBB Bürgschaftsbank zu Berlin-Brandenburg GmbH Berlin 5.6 1184 Bürgschaftsbank Brandenburg GmbH Potsdam 8.5 1185 Bürgschaftsbank Mecklenburg-Vorpommern GmbH Schwerin 8.4 1186 Bürgschaftsbank Sachsen GmbH Dresden 6.3 1187 Bürgschaftsbank Sachsen-Anhalt GmbH Magdeburg 8.2 1188 Bürgschaftsbank Schleswig-Holstein Gesellschaft mit beschränkter Haftung Kiel 5.6 1189 Bürgschaftsbank Thüringen GmbH Erfurt 8.7 1190 Bürgschaftsgemeinschaft Hamburg GmbH Hamburg 8.7 1191 Cecon ASA Arendal 9.6 1192 China Polymetallic Mining Limited George Town 5.7 1193 CIFG Holding Inc. Wilmington 11.5 1194 ConCardis Gesellschaft mit beschränkter Haftung Eschborn 16.8 1195 Damovo Group Holdings Limited Camana Bay 16.0 1196 Deutsche Steinzeug Cremer & Breuer Aktiengesellschaft Alfter 17.2 1197 Finance in Motion GmbH Frankfurt 19.9 1198 Hua Xia Bank Company Limited Beijing 19.9 1199 HYPOPORT AG Berlin 9.7 1200 ISWAP Limited London 13.3 1201 K & N Kenanga Holdings Bhd Kuala Lumpur 8.2 1202 K.K. D&M Holdings Kawasaki 14.8 1203 Landgesellschaft Mecklenburg-Vorpommern mit beschränkter Haftung Leezen 11.0 1204 Philipp Holzmann Aktiengesellschaft i.I. Frankfurt 19.5 1205 Prader Bank S.p.A. Bolzano 9.0 1206 Private Export Funding Corporation Wilmington 6.0 1207 PT Buana Listya Tama Tbk Jakarta 14.6 1208 Reorganized RFS Corporation Wilmington 6.2 1209 RREEF America REIT III, Inc. Baltimore 7.9 1210 Saarländische Investitionskreditbank Aktiengesellschaft Saarbruecken 11.8 1211 Servicios de Infraestructura de Mercado OTC S.A. Santiago 6.7 1212 Shunfeng Catering & Hotel Management Co., Ltd. Beijing 6.4 1213 Società per il Mercato dei Titoli di Stato - Borsa Obbligazionaria Europea S.p.A. Rome 5.0 1214 The Ottoman Fund Limited St. Helier 13.6 1215 TradeWeb Markets LLC Wilmington 5.5 1216 TRIUVA Kapitalverwaltungsgesellschaft mbH Frankfurt 6.0 1217 United Information Technology Co. Ltd. George Town 12.2 1218 Veris Gold Corp. Vancouver 7.4 1219 Wilson Group Limited Brisbane 18.5 1220 Yensai.com Co., Ltd. Tokyo 7.1 Deutsche Bank 2 – Annual Financial Statement 156 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

Management Bodies

Management Board

John Cryan Co-Chairman since July 1, 2015

Jürgen Fitschen Co-Chairman

Anshuman Jain Co-Chairman until June 30, 2015

Stefan Krause until October 31, 2015

Dr. Stephan Leithner until October 31, 2015

Stuart Wilson Lewis

Sylvie Matherat since November 1, 2015

Rainer Neske until June 30, 2015

Quintin Price since January 1, 2016

Garth Ritchie since January 1, 2016

Henry Ritchotte until December 31, 2015

Karl von Rohr since November 1, 2015

Dr. Marcus Schenck since May 21, 2015

Christian Sewing since January 1, 2015

Jeffrey Herbert Urwin since January 1, 2016 157 Deutsche Bank Balance Sheet as Noes to the Accounts – 109 Annual Financial Statements of December 31, 2015 – 106 and Management Report Income Statement for the period of Deutsche Bank AG 2015 from January 1 to December 31, 2015 – 108

Supervisory Board

Dr. Paul Achleitner Martina Klee* Dr. Johannes Teyssen – Chairman Deutsche Bank AG, Chairman of the Munich Frankfurt am Main Management Board of E.ON SE, Dusseldorf Alfred Herling* Peter Löscher – Deputy Chairman Chief Executive Officer Georg F. Thoma Deutsche Bank AG, Renova Management AG, Of Counsel, Shearman & Sterling LLP, Wuppertal Munich Neuss

Wolfgang Böhr* Henriette Mark* Prof. Dr. Klaus Rüdiger Trützschler since December 1, 2015 Deutsche Bank AG, Essen Deutsche Bank AG, Munich Dusseldorf Richard Meddings Frank Bsirske* since October 13, 2015 Chairman of the trade union ver.di Sandhurst (Vereinte Dienstleistungsgewerk- schaft), Berlin Louise M. Parent Of Counsel, Cleary Gottlieb Steen & John Cryan Hamilton LLP, until June 30, 2015 New York London Gabriele Platscher* Dina Dublon Deutsche Bank Privat- und New York Geschäftskunden AG,

Katherine Garrett-Cox Chief Executive Officer of Bernd Rose* Alliance Trust Plc (until February Postbank Filialvertrieb AG, 2016), Menden Brechin, Angus Rudolf Stockem* Timo Heider* Trade Union Secretary of ver.di – BHW Bausparkasse AG, Vereinte Dienstleistungsgewerkschaft, Emmerthal Aachen

Sabine Irrgang* Stephan Szukalski* Deutsche Bank AG, until November 30, 2015 Mannheim Deutsche Postbank AG, Frankfurt am Main Prof. Dr. Henning Kagermann President of acatech – German Academy of Science and Engineering, Königs Wusterhausen

*Elected by the employees in Germany Deutsche Bank 2 – Annual Financial Statement 158 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

Committees

Chairman’s Committee Audit Committee Nomination Committee Dr. Paul Achleitner Richard Meddings Dr. Paul Achleitner – Chairman – Chairman since October 13, 2015 – Chairman

Frank Bsirske* John Cryan Frank Bsirske* (Chairman until June 30, 2015) Alfred Herling* Alfred Herling* Dr. Paul Achleitner Prof. Dr. Henning Kagermann Prof. Dr. Henning Kagermann Henriette Mark* Dr. Johannes Teyssen Mediation Committee Gabriele Platscher* Dr. Paul Achleitner – Chairman Bernd Rose* Integrity Committee

Wolfgang Böhr* Prof. Dr. Klaus Rüdiger Trützschler Dr. Paul Achleitner since December 1, 2015 – Chairman

Alfred Herling* Risk Committee Timo Heider* Dina Dublon Prof. Dr. Henning Kagermann – Chairperson (since January 28, Sabine Irrgang* 2015) Stephan Szukalski* Martina Klee* until November 30, 2015 Dr. Paul Achleitner (Chairman until January 28, 2015) Peter Löscher

John Cryan until June 30, 2015 Compensation Control Committee Dr. Paul Achleitner Richard Meddings – Chairman since October 13, 2015 Frank Bsirske* Louise M. Parent Alfred Herling* Rudolf Stockem* Prof. Dr. Henning Kagermann

*Elected by the employees in Germany. 159 Deutsche Bank Balance Sheet as Noes to the Accounts – 109 Annual Financial Statements of December 31, 2015 – 106 and Management Report Income Statement for the period of Deutsche Bank AG 2015 from January 1 to December 31, 2015 – 108

Advisory Boards

The Advisory Boards are published on Deutsche Bank’s website at www.db.com/company/en/advisory-boards.htm Deutsche Bank 2 – Annual Financial Statement 160 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

List of Mandates

Supervisory Board

Mandates according to § 285 No. 10 German Commercial Code (HGB) in conjunction with § 125 (1) sentence 5 Stock Corporation Act (AktG)

Memberships in supervisory boards to be formed by law of German corporations and comparable supervisory bodies at German and foreign business enterprises, as of February 2016. Changes in memberships during the year are noted with the date of joining and/or leaving.

For Supervisory Board members who left earlier, the mandates are shown as of the date they left. For new Supervisory Board members, the mandates shown are as of the date they joined.

Members of the Supervisory Board Mandate-Holder Position Company Mandate Dr. Paul Achleitner Chairman of the Supervisory Board External mandates of Deutsche Bank AG Bayer AG Member of the Supervisory Board Daimler AG Member of the Supervisory Board Wolfgang Böhr Chairman of the General Staff External mandates (since December 2015) Council of Deutsche Bank, Betriebskrankenkasse Deutsche Member of the Advisory Board Dusseldorf; Member of the Group Bank AG Staff Council of Deutsche Bank; Member of the General Staff Council of Deutsche Bank Frank Bsirske Chairman of the trade union ver.di External mandates (Vereinte Dienstleistungsgewerk- IBM Central Holding GmbH Member of the Supervisory Board schaft), Berlin Kreditanstalt für Wiederaufbau (KfW) Member of the Advisory Board RWE AG Deputy Chairman of the Supervisory Board Mandates in the Group Deutsche Postbank AG Deputy Chairman of the Supervisory Board Dina Dublon External mandates Accenture Plc Member of the Board of Directors PepsiCo Inc. Member of the Board of Directors Katherine Garrett-Cox Chief Executive Officer of Alliance External mandates Trust Plc (until February 2016), Alliance Trust Investments Ltd. Chief Executive Dundee Alliance Trust Savings Ltd. Executive Chairperson (until January 2016) Timo Heider Chairman of the Group Staff Mandates in the Group Council of Deutsche Postbank AG, BHW Bausparkasse AG Deputy Chairman of the Chairman of the General Staff Supervisory Board Council of BHW Kreditservice Deutsche Postbank AG Member of the Supervisory Board GmbH, Chairman of the Staff Pensionskasse der BHW Deputy Chairman of the Council of BHW Bausparkasse AG, Barsparkasse AG VVaG Supervisory Board BHW Kreditservice GmbH, PBC Banking Services GmbH Member of the Advisory Board (until Postbank Finanzberatung AG and December 2015) BHW Holding AG, Member of the Group Staff Council of Deutsche Bank, Member of the European Staff Council of Deutsche Bank 161 Deutsche Bank Balance Sheet as Noes to the Accounts – 109 Annual Financial Statements of December 31, 2015 – 106 and Management Report Income Statement for the period of Deutsche Bank AG 2015 from January 1 to December 31, 2015 – 108

Members of the Supervisory Board Mandate-Holder Position Company Mandate Alfred Herling Deputy Chairman of the Super- No memberships or directorships visory Board of Deutsche Bank AG; subject to disclosure Chairman of the Combined Staff Council Wuppertal/Sauerland of Deutsche Bank; Chairman of the General Staff Council of Deutsche Bank; Chairman of the Group Staff Council of Deutsche Bank; Member of the European Staff Council of Deutsche Bank Sabine Irrgang Head of Human Resources No memberships or directorships Management (Württemberg), subject to disclosure Deutsche Bank AG Professor Dr. Henning President of acatech – German External mandates Kagermann Academy of Science and BMW Bayerische Motoren Werke AG Member of the Supervisory Board Engineering, Munich Deutsche Post AG Member of the Supervisory Board Franz Haniel & Cie. GmbH Member of the Supervisory Board (until April 2015) Münchener Rückversicherungs- Member of the Supervisory Board Gesellschaft Aktiengesellschaft Martina Klee Chairperson of the Staff Council External mandates Group COO Eschborn/Frankfurt of Sterbekasse für die Angestellten der Member of the Supervisory Board Deutsche Bank Deutschen Bank VVaG Peter Löscher Chief Executive Officer of Renova External mandates Management AG, Zurich Conscientia Investment Limited Non Executive Director (until February 2015) Sulzer AG Chairman of the Board of Directors TBG AG Non Executive Director Henriette Mark Chairperson of the Combined Staff No memberships or directorships Council Munich and Southern subject to disclosure Bavaria of Deutsche Bank; Member of the General Staff Council of Deutsche Bank; Member of the Group Staff Council of Deutsche Bank Richard Meddings External mandates (since October 2015) HM Treasury Board Non Executive Director Legal & General Group Plc Non Executive Director Louise M. Parent Of Counsel, Cleary Gottlieb Steen External mandates & Hamilton LLP, New York Zoetis Inc. Member of the Board of Directors Gabriele Platscher Chairperson of the Combined Staff External mandates Council Braunschweig/Hildesheim BVV Versicherungsverein des Deputy Chairperson of the of Deutsche Bank Bankgewerbes a.G. Supervisory Board BVV Versorgungskasse des Bankgewerbes e.V. BVV Pensionsfonds des Bankgewerbes AG Deutsche Bank 2 – Annual Financial Statement 162 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

Members of the Supervisory Board Mandate-Holder Position Company Mandate Bernd Rose Chairman of the Joint General Staff External mandates Council of Postbank Filialvertrieb ver.di Deputy Chairman of the AG and Postbank Filial GmbH; Vermögensverwaltungsgesellschaft Supervisory Board Member of the General Staff Mandates in the Group Council of Deutsche Postbank; Deutsche Postbank AG Member of the Supervisory Board Member of the General Staff Postbank Filialvertrieb AG Member of the Supervisory Board Council of Deutsche Bank; Member of the European Staff Council of Deutsche Bank Rudolf Stockem Secretary to the trade union ver.di Mandates in the Group (Vereinte Dienstleistungs- Deutsche Bank Privat- und Member of the Supervisory Board gewerkschaft), Berlin Geschäftskunden AG (until end 2015) PBC Banking Services GmbH Member of the Advisory Board (until end 2015) Stephan Szukalski Federal Chairman of the German External mandates (until November 2015) Association of Bank Employees Betriebs-Center für Banken AG Member of the Supervisory Board (Deutscher Bankangestellen- PBC Banking Services GmbH Member of the Advisory Board Verband: DBV); Chairman of the Staff Council of Betriebs-Center für Banken AG Dr. Johannes Teyssen Chairman of the Board of Manage- External mandates ment of E.ON SE, Dusseldorf Salzgitter AG Member of the Supervisory Board (until September 2015) Georg F. Thoma Of Counsel, Shearman & Sterling External mandates LLP, Frankfurt Sapinda Holding B.V. Member of the Board of Directors (until December 2015)) Professor Dr. Klaus External mandates Rüdiger Trützschler Sartorius AG Member of the Supervisory Board Wilh. Werhahn KG Member of the Board of Directors Wuppermann AG Chairman of the Supervisory Board Zwiesel Kristallglas AG Chairman of the Supervisory Board 163 Deutsche Bank Balance Sheet as Noes to the Accounts – 109 Annual Financial Statements of December 31, 2015 – 106 and Management Report Income Statement for the period of Deutsche Bank AG 2015 from January 1 to December 31, 2015 – 108

Management Board

Mandates according to § 285 No. 10 German Commercial Code (HGB) in conjunction with § 125 (1) sentence 5 Stock Corporation Act (AktG)

Memberships in supervisory boards to be formed by law of German corporations and comparable supervisory bodies at German and foreign business enterprises. Changes in memberships during the year are noted with the date of joining and/or leaving.

Memberships in supervisory bodies to be formed by law of large German and foreign corporations according to Section 340a (4) No. 1 of the German Commercial Code (HGB) are marked with *.

As of: February 2016

For Management Board members who left earlier, the mandates are shown as of the date they left. For new Supervi- sory Board members, the mandates shown are as of the date they joined.

Members of the Management Board Mandate-Holder Position Company Mandate John Cryan Co-Chairman of the Mangement External mandates (since July 2015) Board MAN Group Plc Non-Executive Director (since January 2015) ST Asset Management Pte Ltd. Chairman of the Board of Directors (until July 2015) Tana Africa Capital Limited Member of the Board of Directors (until July 2015) Jürgen Fitschen Co-Chairman of the Management External mandates Board Kühne + Nagel International AG* Member of the Board of Directors METRO AG* Member of the Supervisory Board Anshuman Jain Co-Chairman of the Management No memberships or directorships (until June 2015) Board subject to disclosure Stefan Krause Member of the Management Board Mandates in the Group (until October 2015) DEUKONA Versicherungs- Chairman of the Advisory Board Vermittlungs-GmbH (until April 2015) Deutsche Bank Europe GmbH Chairman of the Supervisory Board (until July 2015) Deutsche Bank Financial LLC* Member of the Board of Directors (until July 2015) Deutsche Bank Luxembourg S.A. Chairman of the Supervisory Board (until March 2015) Deutsche Postbank AG* Member of the Supervisory Board (until July 2015); Chairman of the Supervisory Board (until October 2015) Dr. Stephan Leithner Member of the Management Board External mandates (until October 2015) BVV Versicherungsverein des Member of the Supervisory Board Bankgewerbes a.G (until October 2015) . Member of the Supervisory Board BVV Versorgungskasse des (until October 2015) Bankgewerbes e.V. Mandates in the Group OOO “Deutsche Bank” Chairman of the Supervisory Board (until October 2015) Stuart Lewis Member of the Management Board External mandates London Stock Exchange Group Plc* Member of the Board of Directors Mandates in the Group Deutsche Bank Società per Azioni* Chairman of the Supervisory Board DEUKONA Versicherungs- Chairman of the Advisory Board Vermittlungs-GmbH (since April 2015) Deutsche Bank 2 – Annual Financial Statement 164 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

Members of the Management Board Mandate-Holder Position Company Mandate Sylvie Matherat Member of the Management Board No memberships or directorships (since November 2015) subject to disclosure Rainer Neske Member of the Management Board Mandates in the Group (until June 2015) Deutsche Bank Privat- und Chairman of the Supervisory Board Geschäftskunden AG* (until June 2015) Deutsche Postbank AG* Chairman of the Supervisory Board (until June 2015) Quintin Price Member of the Management Board Mandates in the Group (since January 2016) Deutsche Asset & Wealth Member of the Supervisory Board Management Investment GmbH (since January 2016) Garth Ritchie Member of the Management Board No memberships or directorships (since January 2016) subject to disclosure Henry Ritchotte Member of the Management Board No memberships or directorships (until December 2015) subject to disclosure Karl von Rohr Member of the Management Board Mandates in the Group (since November 2015) Deutsche Bank Luxembourg S.A Member of the Supervisory Board Deutsche Postbank AG* Member of the Supervisory Board Dr. Marcus Schenck Member of the Management Board Mandates in the Group (since May 2015) Deutsche Bank Europe GmbH Chairman of the Supervisory Board (since July 2015) Christian Sewing Member of the Management Board Mandates in the Group Deutsche Bank Privat- und Chairman of the Supervisory Board Geschäftskunden AG* (since June 2015) Member of the Supervisory Board Deutsche Postbank AG* Jeff Urwin Member of the Management Board No memberships or directorships (since January 2016) subject to disclosure 165 Deutsche Bank Balance Sheet as Noes to the Accounts – 109 Annual Financial Statements of December 31, 2015 – 106 and Management Report Income Statement for the period of Deutsche Bank AG 2015 from January 1 to December 31, 2015 – 108

Employees of Deutsche Bank AG

Mandates according to Section 340a (4) No. 1 of the German Commercial Code (HGB)

Memberships in supervisory bodies to be formed by law of large German and foreign corporations; As of: December 31, 2015

Employees of Deutsche Bank AG Mandate-Holder Company Mandate Nizar Al-Basam Mandates in the Group OOO “Deutsche Bank” Member of the Supervisory Board Bernd Amlung External mandates Harvest Fund Management Co Ltd Non-Executive Director Ahmet Arinc Mandates in the Group OOO “Deutsche Bank” Member of the Supervisory Board Jason Batt External mandates MTS SpA Non-Executive Director Nathalie Bausch Mandates in the Group Deutsche Asset & Wealth Management Investment S.A. Member of the Supervisory Board Stefan Bender Mandates in the Group Deutsche Bank Europe GmbH Member of the Supervisory Board Public joint-stock company „Deutsche Bank DBU“ Member of the Supervisory Board Marie-Therese External mandates Bettscheider Klaus Faber AG Member of the Supervisory Board Brigitte Bomm Mandates in the Group Deutsche Bank Luxembourg S.A. Member of the Supervisory Board (until end 2015) Deutsche Bank Privat- und Geschäftskunden AG Member of the Supervisory Board Oliver Bortz Mandates in the Group Deutsche Bank Bauspar-Aktiengesellschaft Member of the Supervisory Board Ralf Brümmer External mandates Bankpower GmbH Personaldienstleistungen Deputy Chairman of the Supervisory Board Raymond Burkhard Mandates in the Group DBAH Capital, LLC Member of the Board of directors Thomas Buschmann External mandates Vallourec Deutschland GmbH Member of the Supervisory Board VSM Vereinigte Schmirgel- und Maschinen-Fabriken AG Member of the Supervisory Board Mary Campbell Mandates in the Group Deutsche Bank Luxembourg S.A. Member of the Supervisory Board Deutsche Bank Polska S.A. Member of the Supervisory Board Mary Chen-Eng Mandates in the Group DB Structured Derivative Products, LLC Member of the Board of Directors Petra Crull Mandates in the Group DB Investment Services GmbH Member of the Supervisory Board Robert Dibble Mandates in the Group DB U.S. Financial Markets Holding Corporation Member of the Board of Directors Karin Dohm External mandates Deutsche EuroShop AG Deputy Chairperson of the Supervisory Board Andreas Dörhöfer External mandates Düsseldorfer Hypothekenbank AG Member of the Supervisory Board Valovis Bank AG Deputy Chairman of the Supervisory Board Mandates in the Group Deutsche Bank Nederland N.V. Deputy Chairman of the Supervisory Board Deutsche Bank 2 – Annual Financial Statement 166 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

Employees of Deutsche Bank AG Mandate-Holder Company Mandate Annemarie Ehrhardt Mandates in the Group Deutsche Bank Privat- und Geschäftskunden AG Member of the Supervisory Board Gerhard Erb External mandates Bezirksbaugenossenschaft Altwürttemberg e.G. Member of the Supervisory Board Michele Faissola Mandates in the Group Deutsche Asset & Wealth Management Investment GmbH Chairman of the Supervisory Board Deutsche Bank (Suisse) S.A. Chairman of the Supervisory Board Dr. Roland Folz External mandates Nürnberger Beteiligungs Aktiengesellschaft Member of the Supervisory Board Studio Babelsberg AG Chairman of the Supervisory Board Mandates in the Group Deutsche Asset & Wealth Management Investment GmbH Member of the Supervisory Board Paul Graeme Fraser Mandates in the Group German American Capital Corporation Member of the Board of Directors Luc Frieden Mandates in the Group Deutsche Bank Luxembourg S.A. Chairman of the Supervisory Board Verena Grohs Mandates in the Group Deutsche Bank Bauspar-Aktiengesellschaft Member of the Supervisory Board Joachim Häger Mandates in the Group RREEF Spezial Invest GmbH Member of the Supervisory Board (until end 2015) Sal. Oppenheim jr. & Cie. AG & Co. KGaA Chairman of the Supervisory Board Carmen Herbstritt Mandates in the Group Deutsche Bank Luxembourg S.A. Member of the Supervisory Board Deutsche Holdings (Luxembourg) S.à.r.l. Member of the Supervisory Board Sal. Oppenheim jr. & Cie. AG & Co. KGaA Member of the Supervisory Board Henning Heuerding Mandates in the Group Sal. Oppenheim jr. & Cie. AG & Co. KGaA Deputy Chairman of the Supervisory Board Mandates in the Group Deutsche Bank Luxembourg S.A. Member of the Supervisory Board Kees Hoving Deutsche Bank Polska S.A. Member of the Supervisory Board Deutsche Bank Società per Azioni Member of the Supervisory Board OOO “Deutsche Bank” Chairman of the Supervisory Board Marzio Hug Mandates in the Group Deutsche Asset & Wealth Management Investment S.A. Member of the Supervisory Board Majid Julfar External mandates United Kaipara Dairies Member of the Board of Directors Thomas Keller External mandates GEZE GmbH Member of the Supervisory Board Susanne Kloess External mandates Eurex Frankfurt AG Member of the Supervisory Board Mandates in the Group BHW Bausparkasse Aktiengesellschaft Member of the Supervisory Board Deutsche Bank Bauspar-Aktiengesellschaft Member of the Supervisory Board Postbank Filialvertrieb AG Member of the Supervisory Board Olaf Klose Mandates in the Group Deutsche Bank Kredit Service GmbH Member of the Supervisory Board Stefan Knoll Mandates in the Group RREEF Investment GmbH Member of the Supervisory Board Caio Koch-Weser External mandates BG Group Plc Member of the Board of Directors Max Koep Mandates in the Group OOO “Deutsche Bank” Member of the Supervisory Board Dr. Martin Konieczny Mandates in the Group DB Investment Services GmbH Member of the Supervisory Board Frank Kuhnke Mandates in the Group Deutsche Bank Nederland N.V. Member of the Supervisory Board DWS Investment S.A. Member of the Board of Directors Zoltan Kurali Mandates in the Group Deutsche Bank Polska S.A. Member of the Supervisory Board 167 Deutsche Bank Balance Sheet as Noes to the Accounts – 109 Annual Financial Statements of December 31, 2015 – 106 and Management Report Income Statement for the period of Deutsche Bank AG 2015 from January 1 to December 31, 2015 – 108

Employees of Deutsche Bank AG Mandate-Holder Company Mandate Britta Lehfeldt Mandates in the Group DB Investment Services GmbH Member of the Supervisory Board Deutsche Bank Bauspar-Aktiengesellschaft Member of the Supervisory Board Marc Melzer External mandates Investitionsbank Sachsen-Anhalt Member of the Board of Directors Alain Moreau Mandates in the Group Deutsche Asset & Wealth Management Investment GmbH Member of the Supervisory Board Joachim Mueller Mandates in the Group Deutsche Bank Società per Azioni Member of the Supervisory Board Michael Münch External mandates Berlin Phil Media GmbH Member of the Supervisory Board External mandates Mario Muth TradeWeb Markets LLC Non-Executive Director Henning Oldenburg External mandates Beutin AG Member of the Supervisory Board Dr. Mathias Otto Mandates in the Group Deutsche Bank Europe GmbH Member of the Supervisory Board David Petrie Mandates in the Group German American Capital Corporation Member of the Board of Directors Jane Providenti Mandates in the Group Deutsche Bank National Trust Company Member of the Board of Directors Nikitas Psyllakis Mandates in the Group Deutsche Bank (Malta) Ltd. Member of the Board of Directors Rainer Rauleder Mandates in the Group Deutsche Bank Polska S.A. Member of the Supervisory Board Deutsche Bank 2 – Annual Financial Statement 168 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

Employees of Deutsche Bank AG Mandate-Holder Company Mandate Joseph Rice Mandates in the Group DB Holdings (New York), Inc. Member of the Board of Directors DB Investment Partners, Inc. Member of the Board of Directors DB Structured Derivative Products, LLC Member of the Board of Directors DBAH Capital, LLC Member of the Board of Directors German American Capital Corporation Member of the Board of Directors Dr. Christian Ricken External mandates Hua Xia Bank Company Limited Member of the Board of Directors Mandates in the Group Deutsche Bank Europe GmbH Deputy Chairman of the Supervisory Board Deutsche Bank Privat- und Geschäftskunden AG Member of the Supervisory Board Deutsche Postbank AG Member of the Supervisory Board Christiana Riley Mandates in the Group Deutsche Postbank AG Member of the Supervisory Board Rebecca Robertson Mandates in the Group DB Services New Jersey, Inc. Member of the Board of Directors Frank Rueckbrodt Mandates in the Group Deutsche Bank Società per Azioni Member of the Supervisory Board Dr. Herbert Schäffner External mandates BHS tabletop AG Member of the Supervisory Board Werner Schmidt External mandates AKA Ausfuhrkreditgesellschaft mbH Deputy Chairman of the Supervisory Board Frank Schütz External mandates AKA Ausfuhrkreditgesellschaft mbH Member of the Supervisory Board Richard Shannon Mandates in the Group DB Global Technology, Inc. Member of the Board of Directors Stephen Shaw Mandates in the Group RREEF Investment GmbH Member of the Supervisory Board RREEF Spezial Invest GmbH Deputy Chairman of the Supervisory Board Scott Simon Mandates in the Group DB Global Technology, Inc. Member of the Board of Directors Deutsche Bank Securities Inc. Member of the Board of Directors Eric-M Smith Mandates in the Group DB U.S. Financial Markets Holding Corporation Member of the Board of Directors DBAH Capital, LLC Member of the Board of Directors Deutsche Bank Trust Company Americas Member of the Board of Directors Deutsche Bank Trust Corporation Member of the Board of Directors Michael Spiegel Mandates in the Group Deutsche Postbank AG Member of the Supervisory Board Till Staffeldt Mandates in the Group Deutsche Bank Privat- und Geschäftskunden AG Member of the Supervisory Board Deutsche Bank Società per Azioni* Member of the Supervisory Board Werner Steinmüller Mandates in the Group Deutsche Bank Nederland N.V. Chairman of the Supervisory Board Deutsche Postbank AG Chairman of the Supervisory Board Peter Tils Mandates in the Group Deutsche Bank Nederland N.V. Member of the Supervisory Board Deutsche Bank Polska S.A. Chairman of the Supervisory Board OOO “Deutsche Bank” Member of the Supervisory Board Public joint-stock company “Deutsche Bank DBU” Chairman of the Supervisory Board John Vergel de Dios Mandates in the Group Deutsche Bank National Trust Company Member of the Board of Directors Christof von Dryander Mandates in the Group Deutsche Asset & Wealth Management Investment GmbH Member of the Supervisory Board Deutsche Bank Privat- und Geschäftskunden AG Member of the Supervisory Board Wilhelm von Haller External mandates Aesculap AG Member of the Supervisory Board 169 Deutsche Bank Balance Sheet as Noes to the Accounts – 109 Annual Financial Statements of December 31, 2015 – 106 and Management Report Income Statement for the period of Deutsche Bank AG 2015 from January 1 to December 31, 2015 – 108

Employees of Deutsche Bank AG Mandate-Holder Company Mandate Nikolaus von Tippelskirch Mandates in the Group Deutsche Bank (Suisse) SA Member of the Board of Directors Deutsche Holdings (Luxembourg) S.à.r.l. Member of the Supervisory Board David Waill Mandates in the Group Deutsche Bank Trust Company Americas Member of the Board of Directors Deutsche Bank Trust Corporation Member of the Board of Directors Dr. Asoka Wöhrmann Mandates in the Group Deutsche Asset & Wealth Management Investment S.A. Member of the Supervisory Board (until end 2015) Ulf Wokurka External mandates JSC Halyk Bank of Kazakhstan Member of the Board of Directors Dr. Tanja Zschach External mandates Thüringer Aufbaubank, Anstalt des öffentlichen Rechts Deputy Member of the Board of Directors Deutsche Bank 2 – Annual Financial Statement 170 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

Frankfurt am Main, February 29, 2015

Deutsche Bank Aktiengesellschaft

The Management Board

John Cryan Jürgen Fitschen Stuart Lewis

Sylvie Matherat Quintin Price Garth Ritchie

Karl von Rohr Marcus Schenck Christian Sewing

Jeffrey Urwin 3 Confirmations

Responsibility Statement by the Management Board – 172 Auditor’s Report – 173 Deutsche Bank 3 – Confirmations 172 Annual Financial Statements and Management Report of Deutsche Bank AG 2015

Responsibility Statement by the Management Board

To the best of our knowledge, and in accordance with the applicable reporting principles, the financial statements of Deutsche Bank AG give a true and fair view of the assets, liabilities, financial position and profit or loss of the Deutsche Bank AG, and the management report of Deutsche bank AG includes a fair review of the development and performance of the business and the position of Deutsche Bank AG, together with a description of the principal opportunities and risks associated with the expected development of the Deutsche Bank AG.

Frankfurt am Main, February 29, 2016

John Cryan Jürgen Fitschen Stuart Lewis

Sylvie Matherat Quintin Price Garth Ritchie

Karl von Rohr Marcus Schenck Christian Sewing

Jeffrey Urwin 173 Deutsche Bank Responsibility Statement by Auditor’s Report – 173 Annual Financial Statements the Management Board – 172 and Management Report of Deutsche Bank AG 2015

Auditor’s Report

We have audited the annual financial statements, comprising the balance sheet, the income statement and the notes to the financial statements, together with the bookkeeping system, and the management report of Deutsche Bank AG, Frankfurt am Main for the business year from January 1, 2015 to December 31, 2015. The maintenance of the books and records and the preparation of the annual financial statements and management report in accordance with Ger- man commercial law are the responsibility of the Company's management. Our responsibility is to express an opinion on the annual financial statements, together with the bookkeeping system, and the management report based on our audit.

We conducted our audit of the annual financial statements in accordance with § 317 of the German Commercial Code [Handelsgesetzbuch “HGB”] and German generally accepted standards for the audit of financial statements promul- gated by the Institute of Public Auditors in Germany [Institut der Wirtschaftsprüfer “IDW”]. Those standards require that we plan and perform the audit such that misstatements materially affecting the presentation of the net assets, financial position and results of operations in the annual financial statements in accordance with [German] principles of proper accounting and in the management report are detected with reasonable assurance. Knowledge of the business activities and the economic and legal environment of the Company and expectations as to possible misstatements are taken into account in the determination of audit procedures. The effectiveness of the accounting-related internal control system and the evidence supporting the disclosures in the books and records, the annual financial statements and the management report are examined primarily on a test basis within the framework of the audit. The audit includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall presentation of the annual financial statements and management report. We believe that our audit provides a reasonable basis for our opinion.

Our audit has not led to any reservations.

In our opinion, based on the findings of our audit, the annual financial statements comply with the legal requirements and give a true and fair view of the net assets, financial position and results of operations of the Company in accordance with [German] principles of proper accounting. The management report is consistent with the annual financial statements and as a whole provides a suitable view of the Company's position and suitably presents the opportunities and risks of future development.

Frankfurt am Main

March 2, 2016

KPMG AG

Wirtschaftsprüfungsgesellschaft

Pukropski Beier

Wirtschaftsprüfer Wirtschaftsprüfer

Deutsche Bank Aktiengesellschaft Taunusanlage 12 60262 Frankfurt am Main Germany Telephone: +49 69 9 10 00 [email protected] Interim Report as of September 30, 2016 as of September Interim Report 27,October 2016 as of June30, 2016Interim Report 27,July 2016 Center) (Exhibition Main am Frankfurt in Festhalle the Meeting Annual General 2016 19, May as 31, of March Interim Report 2016 28, 2016April 2016 Financial Calendar Financial Interim Report as of September 30, 2017 as of September Interim Report 2017 26, October as of June30, 2017Interim Report 27,July 2017 Center) (Exhibition Main am Frankfurt in Festhalle the Meeting Annual General May 18, 2017 as 31, of March Interim Report 2017 27,April 2017 2016Annual Report 20-F and Form 2017 17, March financial year for 2016 the results Preliminary 2, 2017February 2017 Financial Calendar Financial

Deutsche Bank Annual Financial Statements and Management Report of Deutsche Bank AG 2015